The price of Bitcoin has seen a huge rise, surpassing $50,000 for the first time since 2021. The opening of trading on US stock exchanges helped boost prices through purchases of Bitcoin ETFs. Are we close to an all-time high?
How has the Bitcoin price moved in the last few hours?
The price of Bitcoin has experienced a massive rise over the past few hours, reaching the $50,000 mark for the first time in over two years. Bitcoin price has been on the rise over the past few days, already exceeding $45,000, $47,000, and even exceeding $48,000 over the weekend.
The $50,000 level was last reached at the end of 2021, when the price of Bitcoin fell from its all-time high of $68,000 and a bear market began. But 2024 could mark the start of a major new bull market.
Why did the Bitcoin price rise?
The reason Bitcoin prices were able to rise so sharply is because trading began on the U.S. stock exchange on Monday morning. This allowed investors to continue to funnel capital into Bitcoin ETFs.
We have already mentioned in the past few days that investors, especially those who exited the Grayscale ETF, can now invest in other ETFs. Previously, reinvestment in Bitcoin ETFs was prohibited for 30 days under the U.S. Securities and Exchange Act.
The influx of new funds into the ETF may have impacted the Bitcoin price so much that it exceeded $50,000. Following the approval of the Bitcoin ETF, observers expected the price to surge in the medium term as it is now much easier for institutional investors to invest in Bitcoin.
Could Bitcoin hit an all-time high soon?
In this article, we asked ourselves if BTC price could reach an all-time high in a month. This may have become more likely due to the current surge of over $50,000 on the first day of trading on the stock exchange.
Above all, if Wall Street’s interest persists and a strong correction is not seen, an all-time high before the Bitcoin halving is possible. that much The closer the halving, the more investors may be interested in investing before this event. So in April you could see $70,000.
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