Cryptocurrency Market News: Bitcoin Scales $50K
A weekly round up of cryptocurrency market news, why that matters to you and what it means for crypto investors in the coming days.
Bitcoin price (BTCUSD) popped past $50,000 on Monday, for the first time since late 2021, riding a strong bullish sentiment propelled by bitcoin exchange-traded fund (ETF) inflows, exuberance around the upcoming halving, and the re-election of El Salvador's pro-bitcoin president, Nayib Bukele.
Bitcoin investors enjoyed a roughly 15% rally over the past week through midday Monday to touch $50,000 from under $43,000.Much of that is credited to spot bitcoin ETFs but that wasn't the only factor driving up prices.
Spot bitcoin ETFs that were recently approved by U.S. regulators experienced their second-largest day in terms of inflows last Friday, with a little more than $540 million flowing into various bitcoin ETF offerings that day.
Thursday showed strong numbers for the ETF category as well, with more than $400 million of net inflows. This despite more than $150 million flowing out of Grayscale Bitcoin Trust (GBTC) over the two-day period. BlackRock's iShares Bitcoin Trust (IBIT) accounted for nearly half of all inflows over those two days.
According to Bloomberg Senior ETF Analyst Eric Balchunas, IBIT and Fidelity's Wise Origin Bitcoin Fund (FBTC) are the two largest ETFs in history when measured by assets held after only one monthof existence.
The combination of robust spot bitcoin ETF inflows and the scheduled bitcoin halving event expected by midyear—which will cut in half the value of rewards for mining bitcoin—appears to be driving the positive narrative in crypto overall, as indicated in a report issued by crypto investment firm Grayscale Advisors LLC last week.
The report suggested
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