Bitcoin price surged over 10% to hit a high of $56,740 at one stage on Tuesday morning Asia time, the highest value since November 2021, according to The Block’s Price Page. 

“A key reason behind this surge can be attributed to Bitcoin spot ETF trading volume which reached a new height of $2.4 billion on Feb. 26, further boosting U.S investors’ confidence in this asset class.” Lucy Hu, a senior analyst of Metalpha, told The Block.

Ether rose 4.7% over the past 24 hours to trade at $3,234 at 10:30 a.m. in Hong Kong, The Block’s data showed. The GMCI 30 Index, measuring the performance of the top 30 cryptocurrencies, was at 122.05, up 6% in 24 hours. 

Justin d’Anethan, head of APAC business development of crypto market maker Keyrock, said that while this is playing on a longer …