Bitcoin Nears $50K Mark, Surges for the 7th Consecutive Day: Report

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  • Bitcoin surges for the 7th consecutive day, currently trading above the $48K mark.
  • The increasing investor interest in ETFs, marked by the surging inflows, has substantially impacted the BTC price.
  • In addition, the upcoming halving event and the prevailing Lunar New Year holidays have also influenced the surge.

Bitcoin, the pioneer of cryptocurrencies, is nearing the long-anticipated $50K mark, with increasing investor interest in the newly launched Bitcoin ETFs. According to a recent Bloomberg report, Bitcoin is ascending on a positive track, achieving daily gains for seven consecutive days.

Over the past few days, Bitcoin ETF inflows have been spiking, mimicking the first few days of the ETF launch. After one month of the launch, ETF inflows surpassed $9 billion, hitting $405 million in a single day. Bloomberg’s Senior ETF Analyst James Seyffart shared updates on the third-largest inflow since the launch despite the surging outflow of Grayscale’s GBTC.

In the initial days, GBTC had garnered attention, domineering the ETF markets. With high trading volumes, analysts and enthusiasts believed GBTC would continue its successful journey. However, over the past few days, GBTC started falling, paving the way to BlackRock’s IBIT and Fidelity’s FBTC. Caroline Bowler, CEO of the crypto firm BTC Markets Pty, commented that there are indications of an “increasing movement of institutional money into the asset class.”

In addition to the hype over Bitcoin ETFs, Bitcoin’s surge is also influenced by the potential Bitcoin Halving and the Lunar New Year Holidays. Analysts forecast a 190% surge in Bitcoin over the next 6 months, driven by the halving scheduled for April 2024. According to the Bloomberg report, Fundstrat Global Advisors asserted that the sentiment toward Bitcoin is “typically positive” during the Lunar New Year holidays.

Currently, Bitcoin is trading at $48,143.64, with a marginal decrease of 0.51% in one day. However, the price shows a notable increase of 12.75% in 7 days and 4.58% in 30 days. With a market cap of $943,744,809,457, Bitcoin sustains its top position in the crypto space.

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