Bitcoin reclaims $36,000 mark; ether hits all-time high to top $1,500

Bitcoin prices reclaimed the $36,000 level on Wednesday after trading as the world’s biggest and the oldest cryptocurrency continued to recover from recent losses on the back of institutional demand. The virtual currency traded in a wide range of $34,002.30 and $36,762.39 over the past 24 hours.

According to blockchain data and intelligence provider Glassnode, US-based Grayscale Holdings has been acquiring bitcoins faster than it is being mined. “In 2021 so far, around 26,000 BTC (bitcoins) have been mined. Meanwhile, digital asset investment fund Grayscale Holdings has acquired over 40,000 BTC in the same period,” Glassnode said in a note.

The cryptocurrency had jumped above the $38,000 level last week after Tesla chief executive officer Elon Musk had come out in support of the digital asset. However, prices later slipped below the $33,000 level over the weekend.