By FintechNews staff
Bitcoin climbed on Tuesday to its highest in almost three weeks, adding to its gains since Russia’s invasion of Ukraine, pulling up smaller digital coins such as ether.
Bitcoin (BTC-USD) broke through the $42,000 mark on the news that Ray Dalio’s Bridgewater Associates hedge fund is set to invest in the world’s preeminent cryptocurrency.
The news that Bridgewater Associates, the world’s largest hedge fund with $150bn in assets, is to invest in bitcoin is the brightest signal yet that institutional finance sees a long-term upward trajectory for the cryptocurrency.
The hedge fund is one of several financial institutions that are adding bitcoin to their investment portfolios.
The original cryptocurrency has added more than 26% since its intra-day low of $34,324 on Feb. 24 when Russia invaded Ukraine. Its recovery has mirrored gains for stocks, albeit it to a stronger degree. Ether was trading $3,014, up over 20% in the last 7 days and over 5% in the last 24 hours.
The rally seen today in the market has pushed the cryptocurrency market capitalization above $1.9 trillion, aggressively heading towards the $2 trillion mark, a capitalization point it lost in February, according to CoinMarketCap.
Still, crypto investment products and funds showed net outflows for a second straight week, digital asset manager CoinShares said on Monday.