News - Bitcoin breaks through $50,000 mark

By Mike Hesp

Bitcoin breaks through $50,000 mark

Bitcoin (BTC)
Price update

Bitcoin crosses this mark for the first time in more than two years. Is the bull market coming?

Bitcoin passed the $50,000 mark. This is a psychologically important threshold.

The cryptocurrency last reached this level on Dec. 25, 2021, more than two years ago.

Over the course of the day, BTC rose more than 4 percent to a market capitalization of nearly a trillion dollars.

Bitcoin rose in 2023 pending the approval of the Bitcoin Spot ETF and became one of the best-performing assets of the year.

The Bitcoin Spot ETF allows institutional investors in particular to buy the cryptocurrency through asset managers. These include BlackRock and Fidelity, two heavyweights on Wall Street.

After the ETF launched on Jan. 10, 2024, digital gold fell 20 percent in the following weeks. The reason: massive selling, especially at Grayscale.

Miners also sold record amounts in some cases, leading to a collapse in price.

The situation now seems to be normalizing and the buying side is getting stronger. Overall, the ETF rated the best trading start in 30 years.

BlackRock, the world's largest asset manager, is buying in record amounts. Within a few weeks, it had bought 75,000 BTC, about $3.2 billion.

The Bitcoin halving is also ahead. The rewards received by so-called miners are regularly halved every four years. They keep the network running with their computing activity. In the past, halving was always followed by large price increases.

According to controversial crypto analyst PlanB, Bitcoin will rise to $60,000 within just two weeks.

Crypto exchanges have been struggling with shortages of cryptocurrency stocks for a month.

In our free insider report, you'll find the assessment of more than 60 experts on Bitcoin's medium- and long-term price trends.

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