Bitcoin crosses $47,000 mark as crypto surges in Monday’s market

Bitcoin, the largest cryptocurrency by market capitalization, crossed US$47,000 on Monday Asia time after a sudden spike, the first time since early January. 

Fast facts

• Bitcoin has traded below US$45,000 since January, but broke out to trade at US$46,823 on Monday at press time.
• The volatile asset peaked at US$47,302 in the last 24 hours.
• Most of the top 50 cryptocurrencies ranked by CoinGecko mirrored Bitcoin’s price action on Monday morning Asia time, with the global crypto market capitalization flirting below US$2.2 trillion.
• Bitcoin has recently been embraced by Terra founder Do Kwon, who plans to rack up US$10 billion worth of Bitcoin as reserves for its stablecoin ecosystem.