Share:

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. 

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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin price rally not likely over as institutions deplete BTC OTC supply

Bitcoin price rally not likely over as institutions deplete BTC OTC supply

Bitcoin (BTC) price could cover more ground north as the BTC wells among over-the-counter (OTC) desks run dry. This is likely to see institutions look to public exchanges, with the resulting buying pressure likely to provide tailwinds for the pioneer cryptocurrency. 

More Bitcoin News

SEC approval of spot BTC ETFs was Bitcoin IPO, says expert

SEC approval of spot BTC ETFs was Bitcoin IPO, says expert

Bitcoin (BTC) price exploded to an intraday high of $64,000 on Wednesday before a quick retraction. Reports circulated that over-the-counter (OTC) BTC supplies depleted, which could compel institutions to switch to public exchanges as an alternative source of Bitcoin.

More SEC News

Coinbase exchange notes progress amid ongoing downtime

Coinbase exchange notes progress amid ongoing downtime

BTC soared to an intraday high of $64,000 before a quick correction. Amid excessive trading, Coinbase exchange crashed with users reporting zero balance. Coinbase acknowledged the incident, committing to resolve the matter.

More Coinbase News

Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind

Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind

Bitcoin (BTC) price has shattered past the $63,000 threshold, with the bulls not showing any signs of stopping. The upside potential remains alive, with BTC now eyeing $65,000.

More Bitcoin News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP