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
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.