Latest News

Bitcoin rally brings crypto market close to two-trillion dollars

0

Bitcoin rally brings crypto market close to two-trillion dollars By Proactive Investors

Breaking News

‘;

Cryptocurrency

Published Feb 19, 2024 11:17

© Reuters Bitcoin rally brings crypto market close to two-trillion dollars

Proactive Investors – Bitcoin (BTC) stayed comfortably above $50,000 over the weekend, despite a 2.5% dip against the US dollar on Saturday.

These losses were comfortably recovered on Sunday though, while the world’s largest cryptocurrency added a few more points this morning.

At the time of writing, the BTC/USD pair was swapping for $52,262.

Bitcoin trades might be more muted with US markets closed on Monday, though bulls are eyeing up a move above $52,500, where selling resistance is currently camped, as shown by Binance’s order book.

Bitcoin has increased its spot price by a fifth year to date, thanks in part to substantial cash inflows into the 10 spot-bitcoin exchange-traded funds approved in the US on 10 January.

Bloomberg data shows these ETFs netting $2.3 billion in cash inflows last week, led predominantly by the BlackRock (NYSE:BLK) iShares Bitcoin ETF (IBIT).

Net inflows across all ETFs since 10 January have exceeded $5 billion, according to Bloomberg’s ETF seer Eric Balchunas, a figure significantly offset by outflows from the Grayscale Bitcoin Trust (GBTC).

Investors have been quick to cash out of GBTC due to its comparatively high 1.5% management fee, though not all of these redemptions have shifted to cheaper competing bitcoin ETFs.

Ethereum (ETH) posted a bullish Sunday session, rising 3.4% against the US dollar and another percentage point this morning, bringing the ETH/USD spot price to a fresh 21-month high of $2,910.

In the wider altcoin space, Dogecoin (DOGE) picked up the pace with a 3% overnight gain, while Solana (SOL), Ripple (XRP) and Cardano (ADA) added less than one percent.

Global cryptocurrency market capitalisation currently stands at $1.98 trillion, as it nears the $2 trillion mark for the first time since April 2022.

Read more on Proactive Investors UK

Disclaimer

Bitcoin rally brings crypto market close to two-trillion dollars

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

© 2007-2024 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Billionaire David Tepper Has Invested Nearly $141 Million in This Ultra-High-Yield Dividend Stock — and It’s a Screaming Buy Right Now

Previous article

World shares singed by stubborn inflation and slow China growth

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News