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Read the full story here.) Bitcoin today achieved a significant milestone by reaching $50,000 for the first time in over two years, Bloomberg reported. The world's largest cryptocurrency last traded at $50,000 in December 2021.This marks a notable recovery from the setbacks faced by the crypto industry, including scandals and bankruptcies, which cast doubts on the sustainability of digital assets.Bitcoin has tripled in value since the beginning of last year, rebounding from a 64 percent decline in 2022. Despite this surge, the current price remains below the all-time high of nearly $69,000 recorded in November 2021.
(Read the full story here.)On 12th February, Bitcoin (BTC) hit $50,000 marking a new high since December 2021. The impact of Bitcoin Spot ETFs and market's anticipation for Bitcoin Halving in May plays a vital role in the market surge. From 1st Jan 2024 to Jan 10th (Bitcoin ETF approval date), BTC trading volumes grew from $16B to $50B - a 300% increase.
This is the impact of the approved BTC ETF. However, the effects of Bitcoin Halving are yet to factor in.Historically Bitcoin Halvings have resulted in driving BTC prices to new ATHs in the preceding year. The first halving occurred in November 2012.
Within one year, the price of Bitcoin rose from a high of $13 to $1,152 (in December 2013), and reached its peak one year and one month after the halving. The second halving occurred in July 2016, when the price of Bitcoin rose from a high of $664 to $17,760 (December 2017), reaching its peak one year and five months after the halving. The third halving occurred in May 2020, when the price of Bitcoin rose from a high of $9,734 to $67,549 (April-November 2021), reaching its peak one year and six months after the
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