© Reuters
Investing.com – In the last half hour, it crossed the 49,000 level, hitting a high not reached since December 2021, and touched the $50,000 level.
Bitcoin has already succeeded in penetrating the $50,000 level for a few seconds at 20:20 Riyadh time.
Bitcoin is now trading at $49,961 per coin, up 3.85% today, continuing the bullish rally for the currency for the seventh day in a row, seeing its second biggest gain in 7 days today after rising above $47,000 last Friday. condition.
The strong coin's upward momentum in the digital currency market continues with an increase in inflows of spot bitcoin funds, as data on ETFs revealed that more than $1.1 billion was attracted to find bitcoin funds after outflows from GBTC and BITO funds stopped.
However, possible selling pressure from Genesis, the lender under bankruptcy protection, is now liquidating its $1.6 billion stake in GBTC, which could affect net inflows and prices of ETFs in the coming months.
Analyst Noel Acheson said bitcoin is currently benefiting from a rally driven mainly by expectations of capital infusions in China to stave off future stock market collapse and inevitable currency depreciation even in developed countries.
He added: “In the absence of any clear catalysts to explain Bitcoin's movement over the past few days, we are seeing an increase in accumulation for the reasons mentioned above and Bitcoin awareness continuing to spread as the ETF marketing machines do. Their thing.”
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