The value of bitcoin It topped $50,000 on Monday for the first time in more than two years for the expectations of rate cuts of interest this year and last month’s regulatory greenlight for US Exchange Traded Funds (ETFs) designed to track its price, which is expected it will increase trade and demand.
The most popular cryptocurrency since January 22nd has been revalued by 25% and reached $50,328, according to Bloomberg data, the highest level since late 2021. It then fell slightly to $49,950.
In any case, the coin remains away from its record value of US$68,789 in November 2021, but this progress marks a recovery after a series of scandals which shook the cryptocurrency sector.
Bitcoin has recovered all its losses from the stablecoin implosion LandUSD in May 2022, which launched a wave of scandals in the industry. The loudest was the FTX collapsethe second largest cryptocurrency trading platform, and the arrest of its co-founder Sam Bankman Friedwho faces up to 110 years in prison, for what prosecutors describe as “one of the largest financial frauds in American history.”
In November, Changpeng “CZ” Zhao resigned from the position of CEO of Binancethe largest cryptocurrency trading platform, after acknowledging that he and the company They had violated US anti-money laundering laws. Now the manager awaits the sentence.
“$50,000 represents a significant milestone for Bitcoin after the launch of spot ETFs last month not only failed to surpass the key psychological level, but led to a 20% decline,” said Antoni Trenchev, co-founder of the Nexo cryptocurrency lending platform. to the Reuters agency.
Nine bitcoin funds have started trading in the United States on Jan. 11 and have so far attracted more than 9 billion dollars in investments. Two of the offers from BlackRock and Fidelity Investments, According to a survey of Bloomberg Intelligence analysts, they appear to be the most successful ETFs ever launched based on assets obtained after a month on the market.
There are signs of agrowing movement of institutional money into this asset class“Caroline Bowler, CEO of cryptocurrency platform BTC Markets Pty, told Bloomberg.
The bottom Grayscale Bitcoin Confidence, It is more than a decade old, is the largest dedicated token portfolio, and became an ETF on the same day the new funds launched.
Optimism all around halving (it is divided in half) the four-year period for bitcoin, scheduled for April, is also extended to all cryptocurrencies. The halving reduces the amount of bitcoin miners receive for running the powerful computers that verify transactions on the blockchain.
Analysts believe that the rate cut What is expected from the Federal Reserve this year, plus the halving which will generate a shortage of the asset, new investments in ETFs by institutional funds are creating a new context for the rebirth of bitcoin.
Source: Clarin
