News on the Cryptocurrency Market: Bitcoin Reaches $50,000 ESSENTIAL NOTES
edited by Sunita
At midday on Monday, Bitcoin temporarily crossed $50,000 for the first time in almost two years. This week, observers will be watching to see if it can continue to move over that level.The end of last week saw the largest net inflows into spot bitcoin exchange-traded funds (ETFs) since the beginning of trading in January.
Inflows into bitcoin ETFs and the impending halving of bitcoin are mentioned in a Grayscale analysis as potential price drivers.
El Salvador's pro-bitcoin president was re-elected to a second term.
Another disruption occurred on the Solana network, which momentarily stopped decentralised apps developed on that blockchain from operating.
Weekly Updates on Cryptocurrency Market News :What Taken Place Last Week In The Crypto Markets?
Through Monday midday, investors in bitcoin seen a 15% increase over the previous week, reaching $50,000 from under $43,000.
Even though there were other factors at play, spot bitcoin ETFs are largely responsible for the price increase!
ETFs for Spot Bitcoin Were Soaring!
A little over $540 million was invested in various bitcoin ETF offerings last Friday, marking the second-largest day of inflows, for spot bitcoin ETFs that were recently approved by U.S. regulators.
Two Investors from Farside. "Bitcoin ETF Flow."
With net inflows of over $400 million, the ETF category also actually posted impressive results on Thursday. This is true even though Grayscale Bitcoin Trust (GBTC) had more than $150 million leave its holdings over the course of two days. Almost half of all inflows during those two days came from BlackRock's iShares Bitcoin Trust (IBIT)!
After just one month of operation, IBIT and Fidelity's Wise Origin Bitcoin Fund (FBTC) are the two largest ETFs in history based on assets owned, according to Eric Balchunas, senior ETF analyst at Bloomberg.
Bitcoin Price Increased Despite Halving Optimism.
The planned bitcoin halving event, which is anticipated to happen by midyear and cut in half the value of rewards for mining bitcoin, along with strong spot bitcoin ETF inflows, seem to be driving the positive narrative in cryptocurrency overall, according to a report released last week by the cryptocurrency investment firm Grayscale Advisors LLC!
According to the source, the upcoming round of bitcoin halving will be different from the previous ones and might not be entirely bad for miners. "
