On the morning of Monday, February 12, Bitcoin surpassed $50,000 for the first time in more than two years, hitting its highest level since December 2021. The value of other cryptocurrencies and associated stocks skyrocketed as a result. Bitcoin ETFs and Coinbase’s stock both saw notable increases, and bitcoin miner Marathon Digital also saw a notable rise.
In particular, Bitcoin was trading at roughly $49,900 in the early going on Monday, with a brief high of $50,314 in the morning. Prior to this, on January 11th, Bitcoin had increased to $49,000 in tandem with the introduction of an ETF.
But after the SEC made an announcement, it returned to its December 2023 level. Furthermore, since the start of this year, Bitcoin has increased by more than 17%.
The value of the cryptocurrency exchange Coinbase (COIN) increased by 4.6 percent on Monday morning, surpassing its fifty-day moving average. In a similar vein, Marathon Digital’s stock shot up about 13 percent, hitting levels not too dissimilar from its peak in late December.
Spot Bitcoin ETFs saw a rise of over 5%
After rising 4 percent on Friday, spot bitcoin ETFs saw a spike of over 5 percent during morning trading.
But after the SEC made an announcement, it returned to its December 2023 level. Furthermore, since the start of this year, Bitcoin has increased by more than 17%.
The value of the cryptocurrency exchange Coinbase (COIN) increased by 4.6 percent on Monday morning, surpassing its fifty-day moving average. In a similar vein, Marathon Digital’s stock shot up about 13 percent, hitting levels not too dissimilar from its peak in late December.
After rising 4 percent on Friday, spot bitcoin ETFs saw a spike of over 5 percent during morning trading.
The Grayscale Bitcoin Trust (GBTC) reported outflows of about $6.38 billion as of February 9th, though the rate of these outflows has been steadily declining.
But in terms of assets managed, Grayscale continues to lead with $22.12 billion, followed by iShares Bitcoin Trust at $4.18 billion.
According to BitMEX research, the recently launched ETFs have seen sizable inflows totaling $2.65 billion since their launch, despite the outflows from GBTC.
Multiple factors may influence Bitcoin in 2024
A number of trends are expected to impact Bitcoin in 2024, including the upcoming April halving event and the expected rise in institutional participation after the ETF launch.
But the most important thing, in the opinion of LMAX Group market strategist Joel Kruger, will be widespread adoption.
Traditional institutions will work harder to highlight the benefits of bitcoin now that the spot ETFs have been approved, according to Kruger.