The digital currency Bitcoin has continued its rise. On Monday, the price of the largest crypto asset by market value rose above the $50,000 mark for the first time since late 2021.
At its peak, Bitcoin rose to $50,091. This is the highest level since the end of 2021, just over two years. In a daily comparison, the price gain was approximately $1,900 or 3.9 percent. Other digital stocks like Ether also rose significantly.
Bitcoin has been benefiting from growing interest for several days. Apparently, the introduction of special Bitcoin funds is becoming more and more noticeable. These funds were approved by the US Securities and Exchange Commission in January, but this only led to short-term price euphoria.
The approved spot ETFs on Bitcoin are new because for the first time they allow investors to invest in Bitcoin without having to directly purchase the digital currency itself. According to calculations by Bloomberg news agency, the new funds have received a net of approximately $2.8 billion over the past thirty days. The gross amount is considerably higher, but it also concerns redistributions within the crypto industry.
Another upcoming event also has investors looking positively at Bitcoin: the next so-called ‘halving’ is scheduled for April. This reduces the reward Bitcoin miners receive for verifying crypto transactions. Ultimately, the process leads to a slower growing supply of Bitcoin, which has mainly led to rising prices so far.
(hah/sda/awp)
Source: Watson
I’m Ella Sammie, author specializing in the Technology sector. I have been writing for 24 Instatnt News since 2020, and am passionate about staying up to date with the latest developments in this ever-changing industry.
