Unstoppable Bitcoin: reaches key value of $50,000 and approaches 2-year highs

Unstoppable Bitcoin: reaches key value of $50,000 and approaches 2-year highs
February 12, 2024 – 15:49

Investors’ favorite cryptocurrency rose 17% in the last seven days and is one step away from reaching US$50,000


He Bitcoin shoots up 3.5% in the last 24 hours to US$49,900, after the investor interest raised by the new spot-based Bitcoin ETFs and of the anticipation of halving of reward given to miners in April. While, Ethereum it does so by 4.3% to US$2,600.

In this way, the leading cryptocurrency is approaching a 2-year high, when on December 28, 2021 it touched US$50,720, before falling to a minimum of US$15,522 on November 9, 2022. after the FTX debacle.

Bitcoin EFTs achieved flows of almost $3 billion in one month

Last week, Bitcoin spot ETFs attracted over $1.1 billion in net flowswhile the outflows of the Grayscale Bitcoin Trust (GBTC) continued to slow down.

According to the report of CoinShares of this Monday, February 12, with the earnings for the week, Bitcoin ETFs Raised Inflows to $2.8 Billion Since Launch on Jan. 11.

Halving in April

Another factor driving the rise of Bitcoin is he next halving scheduled for April: this event, which occurs every four years, halves the reward awarded to miners for maintaining the security of the blockchain.

The personal finance site finder predicts that Bitcoin will reach a peak of $88,000 in 2024. Half of Finder’s experts They anticipate that the asset will reach a new all-time high six months after the halving event.

Source: Ambito

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