Investing.com – The crypto market was bullish on Tuesday morning in Asia, with Bitcoin further gaining steam to test $6,000 and Ethereum surging over 10%.
The strong momentum Bitcoin has not died out yet. The coin edged up 4.66% to $5,964.3 by 11:34 AM ET (03:34 AM GMT) to reach a five-month high, rebounding from a steep loss early this year. Last time Bitcoin touched the $6,000 level was in mid-November last year.
Sharing the same sentiment, Ethereum surged 10.27% to $179.44, XRP gained 2.37% to $0.30578, and Litecoin added 6.79% to $77.524.
The total market cap went higher to $189 billion from $180 billion the day before.
On Monday, Bloomberg reported that U.S. investment firm Fidelity will launch bitcoin trading for institutional clients in a few weeks’ time. The firm’s crypto-focused spin-off, known as Fidelity Digital Assets, will offer the service.
Fidelity Digital Assets was launched in October 2018 with an aim to offer over-the-counter trade execution and order routing for Bitcoin early this year. In March, it started to offer crypto custody.
“We currently have a select set of clients we’re supporting on our platform,” Fidelity spokeswoman Arlene Roberts told Bloomberg.
“We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin.”
Separately, Berkshire Hathaway (NYSE:BRKa) CEO Warren Buffett belittled Bitcoin again, calling it a seashell that “just sits there” ahead of Berkshire Hathaway’s annual meeting.
“It’s a gambling device... there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything,” Buffett told the press.
“It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me,” he added.
He further illustrated the speculative feature of the coin. “I’ll tear off a button here. What I’ll have here is a little token...I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day...But the button has one use and it’s a very limited use,” he said.
Known for his scathing stance toward cryptocurrencies, Buffett had called the coin “rat poison squared” in the past.