Bitcoin hits highest level in two weeks as institutions turn to crypto

Evercore technical analysis suggests prices could hit $75,000

Bitcoin rallied to a two-week high, with prices hovering near $54,000 as the digital currency rides a wave of investor demand for crypto assets.

The token rose 3.8% to $53,850 in early U.S. trading on Tuesday. While high-flying bets like Tesla Inc. and the ARK Innovation ETF have cratered recently, Bitcoin has steadily climbed on news of more institutional involvement in crypto.
 

On Monday, NYDIG, a provider of Bitcoin-related financial services, announced that it raised $200 million from investors including Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual and Soros Fund Management. NYDIG said Bitcoin adoption among institutions is