More

    Bitcoin Hits $50,000 For The First Time Since 2021


    Bitcoin has surged past the $50,000 mark today, according to CoinMarketCap data, reaching this milestone for the first time since December 2021. 

    CoinMarketCap

    The breakthrough marks a significant recovery for Bitcoin, which faced massive volatility and fluctuations over the last couple years, reaching lows of around $16,000. Bitcoin’s resilience and upward trajectory underscore its status as a store of value and a hedge against inflation in todays grim economic landscape.

    Investors are closely monitoring Bitcoin’s price movements, with many viewing the $50,000 level as a crucial psychological barrier. The surge in Bitcoin’s price reflects renewed confidence in the asset’s long-term potential and its ability to attract institutional investment.

    This year’s upward price movement has been mainly fueled by spot Bitcoin ETF demand, which is seeing adoption by mainstream financial institutions and increasing retail investor participation. The immense amount of selling pressure by Grayscale’s Bitcoin ETF, in addition to miners selling off coins, appears to now be almost exhausted. So now with the inflows for all the other spot Bitcoin ETFs accelerating, buying demand is far exceeding any current selling pressure.

    Also, with the halving event quickly approaching for Bitcoin, market participants have been vocal about eagerly buying up BTC before the mining reward gets cut in half, which is expected to create a supply shock later in the year. 





    Source link

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    - Advertisement -

    You might also like...