News - Bitcoin breaks through the $47,000 mark
Bitcoin price rises more than ten percent within 48 hours. The entire crypto market follows suit. Are the bulls back?
Bitcoin passed the magical $47,000 mark this morning, marking an important milestone in its recent rally. The No. 1 cryptocurrency thus recorded an increase of more than 10 percent within 48 hours.
The price increase of BTC reflects a broader trend in the crypto market, which has risen nearly 20 percent in the past two weeks. This growth comes against a backdrop of record highs in traditional stock indices such as the S&P 500 and Nasdaq-100.
Contrary to initial fears, several Bitcoin ETFs have absorbed more than a billion dollars in sales in recent weeks. The influx of institutional investments indicates a growing acceptance and integration of cryptocurrencies into traditional financial markets.
Despite the high volatility in the cryptocurrency market and the possibility of another "sell the news" event, Bitcoin's recent price movement seems to have given investors confidence. The cryptocurrency's resilience suggests fundamental strength.
Bitcoin ETFs also enjoyed another great success: On Feb. 8, they experienced their third-largest inflows, totaling $403 million. The high inflows occurred despite a withdrawal of another $100 million from the Grayscale Bitcoin Trust (GBTC).
After Bitcoin halved in less than 70 days, the block reward for miners will halve from 6.25 BTC per block to 3.125 BTC, which could lead to new highs given growing demand from institutional investors.
Other cryptocurrencies also rose significantly. Ether (ETH) broke through the $2500 mark and Solana (SOL) now stands at more than $105.