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Bitcoin Reaches USD 51 Thousand, Market Capitalization Records New Record

Bitcoin prices have topped the USD 50,000 level for the first time in more than two years, as the world's largest cryptocurrency was buoyed by expectations of interest rate cuts later this year and last month's regulatory approval for a US exchange-traded fund (ETF).

Launching Channel News Asia, Tuesday (13/2/2024) the value of bitcoin has increased 16.3 percent so far this year, where on Monday, 12 February 2024 it touched the highest level since 27 December 2021.

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Previously, the price of Bitcoin rose by 4.96 percent to USD 49,899, approaching the USD 50,000 level.

“USD 50,000 is an important milestone for Bitcoin after the launch of a spot ETF last month that not only failed to produce a move above a key psychological level, but also led to a 20 percent sell-off,” said Antoni Trenchev, co-founder of crypto lending platform Nexo.

Crypto stocks also enjoyed a boost Monday, with crypto exchange Coinbase up 4.9 percent and crypto miners Riot Platforms and Marathon Digital up 10.8 percent and 11.9 percent, respectively.

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Shares of software company MicroStrategy, known as a leading Bitcoin buyer, also rose 10.2 percent. The price of Ether, the second largest cryptocurrency, rose 4.12 percent to USD 2,607.57.

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Bitcoin's recent price appreciation can mainly be attributed to increased inflows into Bitcoin spot ETFs, according to Matteo Greco, a research analyst at fintech investment firm Fineqia International, in a research note.

“While GBTC recorded cumulative outflows of USD 415 million last week, representing a significant decrease from previous weeks, spot ETFs (Bitcoin) saw total net inflows of approximately USD 1.2 billion in the same period, marking weekly inflows the highest since it was launched,” he explained.

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Bitcoin Reaches USD 51 Thousand, Market Capitalization Records New Record

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