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Bitcoin Surpasses $52,000, Crosses $1 Trillion Market Cap—What’s Driving The Surge?, BlackRock Bitcoin ETF Gains $500M as Wall Street Appetite for BTC Grows, & more.

Feb 15, 2024

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Bitcoin Surpasses $52,000, Crosses $1 Trillion Market Cap—What’s Driving The Surge?

On Wednesday, Bitcoin soared past the $52,000 mark, propelling its market cap beyond the $1 trillion milestone. This leap occurred in the wake of spot Bitcoin ETF approvals and in anticipation of the expected halving event in April.
The recent climb marks a major milestone, as Bitcoin’s market cap crossed the $1 trillion threshold for the first time since November 2021, according to Coin Market Cap.

Part of this value boost likely stems from the SEC’s recent nod to several spot Bitcoin ETF applicants. Such a move broadens the cryptocurrency’s reach through conventional financial channels.
The cryptocurrency’s price steadily increased to over $45,000 in the lead-up to SEC approval before dipping back below $40,000 in what many attributed to being a “buy the rumor, sell the news” event.
Additionally, Bloomberg’s latest figures reveal nearly $3 billion in inflows to spot Bitcoin ETFs, highlighting substantial contributions to BlackRock’s iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund, amassing $3.8 billion and $3.1 billion, respectively.

“Currently $45,900,000 worth of Bitcoin is mined every day,” crypto YouTuber CryptoRover posted to X. “After the halving (in 55 days) there will only be $22,950,000 produced every day. With such an inflow of $600m+, it means that there is literally 28 times more being bought than produced. Do you have any idea how bullish this is?”

Full Article

BlackRock Bitcoin ETF Gains $500M as Wall Street Appetite for BTC Grows

The years of pent-up demand for Bitcoin (BTC) exchange-traded funds (ETFs) is still feeding furious activity around the top cryptocurrency, the new investment vehicle logging their strongest days yet.
BlackRock, the world’s biggest fund manager, is leading the charge. Yesterday alone, the fund manager’s iShares Bitcoin Trust received a $493 million inflow—and now has $5.1 billion in assets under management.
Meanwhile, Grayscale’s GBTC is sitting on the most cash, with over $22.9 billion. The fund previously operated like a closed-end fund and was holding huge amounts of crypto. But in January, it turned into an ETF—giving users more flexibility with redeeming shares.
Yesterday, a total of $631 million flowed into the ten investment vehicles, BitMex Research shows.

Full Article

Crypto Stocks Advance Pre-Market as Bitcoin Tops $51K, Market Cap Hits 26-Month High

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