Bitcoin (BTC) price hit $50,000 on Monday, a level last seen on December 28, 2021, more than two years ago.
BTC/USDT 1-day chart
The new retest comes despite the Super Bowl disappointing the BTC community on Sunday night as a related commercial was not displayed. Nevertheless, Twitter founder and former chief executive Jack Dorsey did not disappoint. The Bitcoin maximalist showed up with a “Satoshi” T-shirt.
The $50,000 milestone also comes amid growing optimism for the BTC halving, expected around April 24, with approximately 10,000 blocks remaining until the event.
Meanwhile, the spot BTC exchange-traded funds (ETFs) narrative continues to drive markets. Reports indicate that assets under management (AUM) have broken a 30-year record in the first month of trading.
Specifically, VC investor Bitcoiner and entrepreneur Anthony Pompliano said in an appearance on CNBC that while there have been 5,500 ETF launches over the last 30 years, spot BTC ETFs have been able to beat all ETFs launched since.
Notably, none of the earlier ETFs were able to collect $3 billion of inflows during the first month of trading.
Wall Street appears to be buying BTC en masse with data showing purchases upwards of 12.5x more BTC per day than the network can produce. This leads to increasing demand and price.
Peter Schiff, a renowned economist and strategist says the turnout in Bitcoin price looks like a pump-and-dump scheme is going on with BTC and the spot ETFs. With this, he anticipates a "massacre" once hype around the Super Bowl and the Valentines celebrations dies off.
It looks like another classic pump-and-dump is going on with #Bitcoin and the @exchangeETF. The four-day conference kicked-off on Super Bowl Sunday and ends on Valentine's Day. There's a lot of hype surrounding the newly listed #BitcoinETFs. I wonder when the massacre will begin.
— Peter Schiff (@PeterSchiff) February 12, 2024
With the price surge, almost $116 million in short positions have been liquidated against almost $57 million in long positions.
BTC liquidations
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Cardano eyes recovery as it retests key support, funding rate and bullish bets signal optimism
Cardano recovers slightly by 4%, trading around $0.70 on Tuesday after falling nearly 7% the previous day. On-chain metrics signal further recovery as ADA’s funding rate turns positive while its bullish bets reach the highest level over a month.
Bettors mount pressure on XRP amid signs of a price bottom in on-chain indicators
Ripple's XRP declined 10% on Monday, trading around $1.96 at press time after odds of its price plunging below $2.00 skyrocketed to 81% on prediction platform Polymarket. Despite the high risk-off sentiment, XRP's 30-day Market Value to Realized Value (MVRV) Ratio indicates prices may have found a bottom.
The crypto market cap dips to $2.44 trillion while Mt. Gox moves 11,833 BTC worth $932 million
The crypto market continued its ongoing downleg as the week started, as its market cap capitalization reached a low of $2.44 trillion on Tuesday, levels not seen since early November. This price crash has triggered a wave of liquidations of over $937 million in the last 24 hours.
Bitcoin hits multi-month lows as crypto, stocks witness heightened risk-off sentiment
Bitcoin fell to $78,000 on Monday, marking a 27% decline from its all-time high, as crypto and stocks stretched their combined market cap losses to $6 trillion. The selling pressure is largely due to a growing correlation between the asset classes and a shift in investor sentiment toward a risk-off strategy.
Bitcoin: Will Trump's Strategic Bitcoin Reserve and White House Crypto Summit support BTC recovery?
Bitcoin price extends its decline on Friday, falling over 5% so far this week. BTC uncertainty and volatility spikes liquidated $1.67 billion as the first-ever White House Crypto Summit takes place on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.