BTC trading above $50,000
The price of the cryptocurrency Bitcoin is trading above $50,000 for the first time since December 2021, driven by continued interest in spot Bitcoin exchange-traded funds (ETFs).
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According to data from the analysis firm Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, has increased by 2.3 percent in 24 hours, exceeding $1 trillion 850 billion.
GAINED VALUE
The price of Bitcoin, the largest cryptocurrency, has gained more than 3.8 percent in the last 24 hours as investments in spot Bitcoin ETFs continue to rise. Expectations that major central banks will begin lowering interest rates this year and shift toward a more supportive monetary policy are also fueling the rise in Bitcoin.
Trading at $50,195 as of 20:30 TSI today, Bitcoin has reached its highest value since December 2021. Bitcoin's weekly gain has also exceeded 17.4 percent.
Bitcoin has gained more than 80 percent in value since October 2023, but it remains far from its record high of $68,990 in November 2021. Bitcoin's price gained approximately 157 percent last year.
INDICATIONS OF POTENTIAL RISE DUE TO APRIL HALVING PROCESS
Analysts point out that the upward momentum in the cryptocurrency's price may continue due to the halving process, which will take place in April and reduce the supply of new Bitcoin.
China's easing monetary policy is also cited as another reason for the rise in Bitcoin's price.
Ethereum, which ranks second in terms of market value, also gained 3.4 percent in the last 24 hours, reaching the $2,606 level. Ethereum also hit a record high in 2021, climbing above $4,000.
The U.S. Securities and Exchange Commission (SEC) approved 11 different spot Bitcoin ETF applications on January 11.