Bitcoin price explodes over $50,000!!!

Explore Bitcoin's surge above $50,000 due to US trading and Bitcoin ETFs, and whether it's heading towards a new all-time high.

Kieth Rean Garcia

Kieth Rean Garcia

February 13, 2024 8:55 AM

Bitcoin price explodes over $50,000!!!

The Bitcoin price has seen a massive increase and has risen above the $50,000 mark for the first time since 2021. The start of trading on the stock exchanges in the USA helped to drive up the price through purchases of Bitcoin ETFs. Is the all-time high near?

How has the Bitcoin price moved in the last few hours?

The Bitcoin price has experienced a massive increase in the last few hours and has reached the $50,000 mark for the first time in more than 2 years . The Bitcoin price is continuing its upward trend of the last few days, in which the price has already risen to over 45,000, 47,000 and at the weekend even over 48,000 dollars. 

The $50,000 mark was last reached at the end of 2021, when the Bitcoin price fell from its all-time high of over $68,000 and the bear market began. However, the year 2024 will mark the beginning of a new major bull market. 

Why did the Bitcoin price rise?

The Bitcoin price was able to rise so sharply because trading began on Monday morning on the stock exchanges in the USA. This allowed investors to continue to flow capital into the Bitcoin ETFs. 

We had already mentioned in the last few days that investors in particular who had exited the Grayscale ETF could now invest in other ETFs. Previously, under US stock exchange law, there was a 30-day ban on reinvesting in Bitcoin ETFs. 

Due to the renewed inflows into the ETFs, the Bitcoin price may have been influenced so strongly that we have exceeded the $50,000 mark. After the approval of the Bitcoin ETFs, observers expected prices to rise sharply in the medium term because it will now be so much easier for institutional investors to invest in Bitcoin. 

Can Bitcoin reach its all-time high soon?

In this article we asked ourselves whether the BTC price can reach its all-time high in a month. This could have become more likely with the current jump over $50,000 within the first day of trading on the stock exchanges. 

Above all, an all-time high before the Bitcoin halving is possible if Wall Street’s interest continues and we don’t see a strong correction. The closer the halving gets, the more interested investors may be in investing before this event. So we could see $70,000 in April. 

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Kieth Rean Garcia
Article By

Kieth Rean Garcia

Kieth is an Article Writer, Digital Nomad, Web3 Enthusiast, and NFT Gamer, currently based in the Philippines. Actively involved in the blockchain space for 3 years, his work spans across writing and exploring the potentials of Web3 and NFTs.

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