[ad_1]
Bitcoin rose to its highest price since December 2021 on Monday as the world’s largest cryptocurrency surpassed the $50,000 price level for the first time in more than two years. The move sparked a rally in cryptocurrencies and related stocks. Coinbase Stock and Bitcoin ETFs Rise as Bitcoin Miner Digital marathonI (MARA) vaulted.
x
Bitcoin traded above $50,200 on Monday afternoon after briefly hitting $50,314 in the morning, its highest level since December 2021. Bitcoin had risen to $49,000 on January 11 on the day of the ETF’s launch, but then returned to fall to its early December 2023 level before the SEC announcement. Still, BTC is up more than 18% so far this year.
Ethereum was hovering around $2,650 at four-week highs and is up 15% so far in 2024.
Cryptocurrency exchange Coinbase (CURRENCY) rose 3.8% on Monday to retrace above its 50-day moving average. Marathon Digital shares soared 14.2% near late December highs.
Bitcoin ETF Performance
Meanwhile, spot bitcoin ETFs rose more than 5.5% in trading, after adding about 4% on Friday.
Black Rock‘s (BLACK) iShares Bitcoin Trust (IBIT) has been the undisputed leader in inflows since the Spot bitcoin ETFs launched on January 11 with approximately $3.75 billion in admissions at the end of the day on February 9, according to BitMEX Research Data. The Fidelity Wise Origin Bitcoin Fund (FBTC) is in second place with $3 billion in receipts. The ARK 21Shares Bitcoin ETF (ARKB) on Friday outperformed the Bitwise Bitcoin ETF (BITB) in terms of inputs. ARKB has recorded $918.5 million in total inflows as of February 9, while BITB recorded $785.8 million.
Bitcoin Trust in Grayscale (GBTC) recorded around $6.38 billion in capital outflows through February 9, which have steadily slowed. Still, Grayscale remains the leader in terms of assets, with $22.12 billion in assets under management, followed by iShares Bitcoin Trust with $4.18 billion.
Despite the outflows from GBTC, the new ETFs have seen inflows of $2.65 billion since their launch, according to BitMEX research.
space to run
Other Trends expected to boost bitcoin in 2024including the upcoming halving event in April and the influx of institutional participation, which is expected as a result of the ETF launch.
However, the most important factor will be widespread adoption, according to Joel Kruger, market strategist at LMAX Group.
“Now that bitcoin spot ETFs have been approved, traditional institutions will make more of an effort to promote bitcoin’s value proposition,” Kruger told IBD.
But we have yet to see the full force of institutional inflows, says Kyle DaCruz, Director of Digital Asset Products at VanEck. VanEck launched its spot bitcoin ETF, the VanEck Bitcoin Trust (hodl) on January 11. HODL has recorded more than $75.5 million in inflows since its launch and has $161.7 million in assets under management as of February 9, according to BitMEX.
Most financial advisors still don’t have access to ETFs because many of the platforms require due diligence and other parameters to be met, which can typically take months, DaCruz told IBD. “I think when that changes, then you’re talking about the real unlocking of that multi-million pound FA asset,” he said.
You can follow Harrison Miller for more stock news and updates on X/Twitter. @IBD_Harrison
YOU MAY ALSO LIKE:
Stay up to date with cryptocurrency prices and news
Looking for the next big stock market winners? Get started with these 3 steps
Join IBD Live and learn the best trading and chart reading techniques from professionals
[ad_2]
Source link