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

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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.

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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Nvidia surpasses Microsoft as the most valuable company in the world

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Nvidia has emerged as the world’s most valuable company, surpassing Microsoft with a market value of over $3.3 trillion.

This shift comes on the heels of Nvidia’s consistent growth in the semiconductor sector and its strategic advancements in artificial intelligence and gaming technologies.

This milestone marks a significant validation of Nvidia’s aggressive expansion and innovation strategies under CEO Jensen Huang, who has steered the company towards dominance in high-performance computing.

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Finance expert empowers his social audience with accessible wealth tips

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The right strategy can change the game for your financial freedom. Meet the advisor making his tips accessible to all.

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by James Wrigley, Financial Advisor at First Financial. #wyld money #trending

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It takes a village: coordinated financial teams prove paramount to maximising wealth

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The pursuit of wealth is often faced by significant challenges including debt, lifestyle costs, and burnout – so what methods can help overcome these challenges?

Maximising financial opportunities involves a suite of tasks, from leveraging favourable loan rates, strategic tax planning, and coordinated financial advising.

Mark Wyld from MW Wealth joins to discuss more. #featured

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