Bitcoin briefly hits $50,000 on Coinbase amid slowdown in selling of Grayscale’s GBTC fund | Headlines | News | CoinMarketCap
02/13/2024 00:56
Bitcoin's price briefly hit the $50,000 mark on Monday amid ongoing signs that the selloff in Grayscale Investments' spot fund could be nearing an …
Bitcoin's price briefly hit the $50,000 mark on Monday amid ongoing signs that the selloff in Grayscale Investments' spot fund could be nearing an end.
"Bitcoin is now poised to achieve a new year-to-date high. This uptrend coincides with a period of reduced outflows from GBTC and a general increase in inflows into digital asset funds," Bitfinex analysts said in a report.
"Newly launched bitcoin ETFs, not including Grayscale's GBTC, now hold over 192,000 BTC, surpassing MicroStrategy's 190,000 BTC, with inflows exceeding $1 billion in less than a month," they added.
Bitcoin's price rose to the highest level seen since December 2021 on Monday and briefly rose above $50,000 on Coinbase. It was trading for $49,770 at 12:15 p.m. ET, an increase of 2.9% over the previous 24 hours.