Bitcoin exceeds $50,000… Impact of ‘spot ETF’ fund inflow, etc.

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Recorded up to $50,261… 26 months only
“Influence of many factors, including spot ETFs”

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The price of Bitcoin exceeded $50,000 on the 12th (local time).

Bitcoin was trading at $50,090 (KRW 66,719,880) at 5:20 PM UTC (Universal Time), 2:20 AM Korean time on the 13th, hitting its highest price in 26 months.

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According to CNBC in the United States, the previous highest price was $49,998 (66,597,336 won) in December 2021.

Bitcoin is currently trading below $50,000 after hitting a record high of $50,261 around 5:35 PM UTC.

Bitcoin investment sentiment has weakened over the past month due to large-scale outflow of funds from the Grayscale Bitcoin Exchange Traded Fund (ETF), but it is showing signs of recovery as fund outflows moderate and inflows increase.

The fact that the S&P 500 index exceeded the 5,000 mark last week is also having an impact on the upward trend.

“Several factors are affecting market dynamics, including increased purchases of assets such as Bitcoin and stocks as China adopts a more lenient monetary policy,” said James Butterfill, head of research at CoinShares, an asset management company specializing in cryptocurrency. did.

He went on to explain, “Over the past week, $1.1 billion has been net inflow into the spot Bitcoin ETF since its launch, and $2.8 billion since launch,” adding, “Demand remains solid.”

According to CoinDesk US, a media outlet specializing in virtual currency, the price of Bitcoin peaked at about $69,000 (91.908 million won) in November 2021.

Afterwards, in 2022, major negative news broke out due to the Terra incident and FTX bankruptcy, and the year ended at around $16,000.

Although sluggish trading continued in 2023, it turned to an upward trend as expectations grew that the U.S. Securities and Exchange Commission (SEC) would approve a Bitcoin spot ETF at the end of last year.

The price of Bitcoin rose nearly 60% in the fourth quarter of last year, entering the new year by exceeding $42,000.

Source: Donga

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