Bitcoin extended its gains from last week, breaking through the key psychological level of $50,000.
The price of the flagship cryptocurrency was last higher by 4% at $50,168.36, according to Coin Metrics. Earlier, it rose to $50,334.00, its highest level since December 2021. Ether was higher by more than 5.5% at $2,643.80, after rising to $2,638.62 for the first time since Jan. 12.
"$50,000 is a significant milestone for bitcoin after the launch of spot ETFs last month not only failed to elicit a move above this key psychological level but led to a selloff and some deep soul searching about these new bitcoin products," said Antoni Trenchev, co-founder of crypto services firm Nexo.Grayscale Bitcoin ETF
suppressed sentiment over the past month. Not only are those outflows waning, but inflows are increasing. Additionally, bitcoin caught a bid last week from the stock market, where the, which has led to increased asset purchases, notably in bitcoin and equities," said James Butterfill, head of research at crypto-focused asset manager CoinShares.
"Demand for spot-bitcoin ETFs remains robust, with net inflows of $1.1 billion over the past week and $2.8 billion since their launch," he added. "On Friday alone, ETFs acquired 12,000 bitcoin, significantly outpacing the daily creation rate of approximately 900 new bitcoins." Investors have been eyeing roughly $48,600 as a key resistance level. If bitcoin can hold above that level, the door could be open for it to reach new highs past $50,000 and perhaps even a new all-time high, chart analysts say. The coin hit its record of $68,982.20 on Nov. 10, 2021.Correction: Earlier, bitcoin broke through the $49,000 level for the first time since Jan. 11. An earlier story misstated the record.
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