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Bitcoin passes $50k milestone for first time in two years

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6 months ago

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Bitcoin has surged past the $50,000 mark for the first time in over two years, fueled by anticipation of potential interest rate cuts.

The world’s largest cryptocurrency has witnessed a remarkable 16.3% surge since the beginning of the year, reaching its highest point since December 27, 2021.

As of 12:56 p.m. EST (1756 GMT), Bitcoin was trading at $49,899, marking a 4.96% increase for the day.

According to Antoni Trenchev, co-founder of crypto lending platform Nexo, the $50,000 milestone is particularly significant following the launch of spot ETFs last month, which initially failed to push Bitcoin above this key psychological level and even triggered a 20% sell-off.

Positive sentiment

The positive sentiment surrounding Bitcoin has also spilled over to crypto-related stocks, with industry players like Coinbase, Riot Platforms, Marathon Digital, and MicroStrategy witnessing notable gains on Monday.

Meanwhile, the price of Ether, the second-largest cryptocurrency, has also seen an uptick, rising by 4.12% to reach $2,607.57.

The recent surge in Bitcoin’s price can be attributed primarily to the increased inflow into BTC spot ETFs, according to Matteo Greco, a research analyst at fintech investment firm Fineqia International.

The approval of the first U.S. spot Bitcoin ETFs by the U.S. securities regulator in January has been a significant development for the cryptocurrency industry, attracting substantial investor interest.

Net inflow

Greco highlighted a slowdown in outflows from Grayscale Investment’s Grayscale Bitcoin Trust following the approval of its conversion to an ETF, coupled with a significant net inflow of about $1.2 billion into BTC spot ETFs last week, the highest since their launch.

Analysts predict that flows into these new ETFs could reach significant levels, with estimates ranging from $10 billion to $100 billion in 2024 alone.

The market is also eagerly awaiting decisions from the U.S. Securities and Exchange Commission on pending applications for ETFs tied to the spot price of Ether, with expectations for several approvals by May.

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Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Warner Brothers & Discovery considers splitting up to boost stock value

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1 week ago

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July 19, 2024

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Warner Bros Discovery is considering a strategic breakup to enhance its stock performance, according to a Financial Times report.

The potential move aims to unlock value by separating its media assets from its reality TV and lifestyle businesses.

This decision follows pressure from investors to improve stock performance, amidst challenges in the media industry #featured #trending

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Investors worldwide grow increasingly optimistic about Trump winning the election

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1 week ago

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July 18, 2024

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Investors are increasingly optimistic about Donald Trump’s potential re-election, prompting a resurgence in the so-called ‘Trump trade’.

Market participants are closely monitoring Trump’s political strategies and public sentiment, influencing their investment decisions.

Kyle Rodda from Captial.com joins to discuss all the latest.

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Netflix expands use of ads despite slow subscriber growth

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1 week ago

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July 18, 2024

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Netflix is intensifying its efforts to introduce an ad-supported tier amidst a plateau in subscriber growth.

The streaming giant hopes to attract new users and boost revenue by offering a cheaper alternative that includes advertisements.

This move marks a significant shift from its traditional ad-free model, reflecting Netflix’s response to competitive pressures and evolving consumer preferences.

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