Recorded up to $50,261… just 26 months
“Influence of many factors, including spot ETFs”
The price of Bitcoin exceeded $50,000 on the 12th (local time).
Bitcoin was trading at $50,090 (KRW 66,719,880) at 5:20 pm UTC (Universal Time), 2:20 am Korea time on the 13th, reaching its highest price in 26 months.
According to CNBC in the United States, the previous highest price was $49,998 (66,597,336 won) in December 2021.
Bitcoin is currently trading below $50,000 after hitting a record high of $50,261 around 5:35 PM UTC.
Bitcoin investment sentiment has weakened over the past month due to large-scale outflows from the grayscale Bitcoin Exchange Traded Fund (ETF), but is showing signs of recovery as modest fund outflows and inflows increase.
The fact that the S&P 500 index surpassed the 5,000 mark last week also has an effect on the upward trend.
“Several factors are affecting market dynamics, including increased buying of assets such as Bitcoin and stocks as China adopts a more lenient monetary policy,” said James Butterfill, head of research at CoinShares, an asset management firm that specializes in cryptocurrency. .
He went on to explain, “Over the past week, there has been a net inflow of $1.1 billion into the spot Bitcoin ETF since launch, and $2.8 billion since launch,” adding, “Demand is remain strong.”
According to CoinDesk US, a media outlet specializing in virtual currency, the price of Bitcoin reached a peak of about $ 69,000 (91.908 million won) in November 2021.
After that, in 2022, big negative news started due to the Terra incident and the FTX bankruptcy, and the year ended at around $16,000.
Although sluggish trading continued in 2023, it turned to an upward trend as expectations grew that the US Securities and Exchange Commission (SEC) would approve a spot Bitcoin ETF at the end of last year.
The price of Bitcoin rose almost 60% in the fourth quarter of last year, entering the new year by more than $42,000.
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