Bitcoin extended its advance this week, breaking through $ 55,000 and sparking speculation that the largest cryptocurrency may put the record it set last month to the test.

The token was up 2.8 percent on Wednesday and was trading at around $ 55,600 as of 9:23 a.m. in Hong Kong. The wider Bloomberg Galaxy Crypto Index jumped to a two-week high amid a more general improvement in investor sentiment after US stocks surged Tuesday. This Bitcoin News has been collecting limelight.

Chris Weston, Research Director at Pepperstone Group Ltd. wrote in a note: "It would not be surprising to see the price launch an attack on the February high of $ 58,350."

The growing conversation about institutional interest in bitcoin news and the potential for US stimulus to drive flows into financial markets is coming together to boost cryptocurrencies. The digital token is up nearly 600 percent in the past year, dividing opinion on whether a risky bubble or a bigger bullish wave is coming.

Bitcoin's recent bullish move came as "the US passed the stimulus bill and thanks to the purchase of Bitcoin by MicroStrategy and Meitu," said Annabel Huang of crypto financial services firm Amber Group.

"We have seen an increase in interest levels from institutional players around the world," she added. "In China, a lot of high net worth people were asking how to add Bitcoin to their portfolio."Her statement gave in this Bitcoin News has told a lot about this matter.

Recent trends indicate that digital tokens are close to mainstream finance.

For example, JPMorgan Chase & Co. to issue notes related to a basket of cryptocurrency stocks such as MicroStrategy Inc. and Nvidia Corp. Goldman Sachs Group Inc. said It is seeing high demand from institutions as it is working to restart the cryptocurrency trading desk.

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