- Bitcoin reached a high of $50,334 on Monday, the first time it has reached that level in two years.
- Demand for Bitcoin ETFs and rising expectations of a rate cut have helped boost the token’s price.
- Standard Chartered said last week that there is still a possibility of Bitcoin reaching $ 100,000 this year.
Bitcoin surpassed $50,000 on Monday for the first time in more than two yearsThank you for reading this post, don't forget to subscribe!
The token reached a record high of $50,334 early Monday, representing an increase of nearly 15% since the beginning of the year and the highest level since December 2021. This growth has been driven by the appetite among investors for Bitcoin ETFs, which were approved for the first time. by the Securities and Exchange Commission last month.
After a lukewarm reception, investment products for investors who want to invest in Bitcoin without the hassle of buying directly have started to gain more traction. Pomp Investments founder Anthony Pompliano told CNBC on Monday that the Bitcoin ETF sucked up 5% of Bitcoin’s entire tradable supply in 30 days.
The surge in Bitcoin’s price also comes amid a broader risk-off shift as investors brace for interest rate cuts this year by the Federal Reserve. Cryptocurrencies have rallied along with the stock market, with the S&P 500 closing above 5,000 for the first time last Friday to extend a strong rally into the first two months of 2024.
Although the Fed and Chairman Jerome Powell have pushed back market expectations of a rate cut, investors are still cheering the prospect of easier monetary policy this year.
Last week, Bitcoin hit a 2024 high of $47,565, according to analysts at Standard Chartered, and a sudden rebound after several weeks of anemic trading following the approval of a spot ETF has put the coin back on track to reach $100,000 by the end of the year. Have brought. ,
With the next Bitcoin halving event scheduled for April, investors are eyeing the next halving of the world’s largest crypto, with the previous three halvings pushing the token to new all-time highs over the next 12 months.