From Investing.com:

The price of bitcoin hit an over two-year high on Tuesday, crossing the $50,000 mark for the first time since December 2021. The rise was driven by consistent capital flows into the recently approved spot exchange-traded funds, with net inflows of over $1 billion per week. BlackRock Inc’s iShares Bitcoin Trust saw the biggest inflows at about $690 million.

Gains in bitcoin came amid consistent capital flows into the recently-approved spot ETFs, driving the price to $50,160.2, thanks to consistent capital flows into the recently approved spot ETFs, with net inflows of over $1 billion in the past week. The token was now about $19,000 away from making new record highs.

Bitcoin also benefited from slowing outflows from Grayscale Bitcoin Trust following its spot ETF approval. Analysts at Bernstein noted that an element of “fear of missing out” and expected ETF inflows of over $10 billion in 2024, and were focused on an upcoming halving event expected in April, which has historically spurred a rally in the cryptocurrency.

Optimism over the potential approval of a spot ETF drove gains in broader crypto markets, with the world No.2 cryptocurrency rising 6.3% to a one-month high of $2,672.25. U.S.-listed crypto stocks also saw strong gains on Monday, with Coinbase Global Inc rising 3.8%, Marathon Digital Holdings Inc surging 14.2%, and MicroStrategy Inc, the largest corporate holder of bitcoin, rising 11%.

On the other hand, the broader crypto market is still struggling with decreased retail interest, reflected in spot trading volumes in bitcoin that remain well below their 2021 and 2017 peaks. The SEC and Coinbase are currently embroiled in a legal battle that could heavily influence the regulatory standing of crypto tokens.



Read more: Bitcoin breaks above $50k as spot ETFs see strong inflows By Investing.com