Bitcoin For the first time since Spot Bitcoin Exchange Traded Funds began trading, the price briefly breached the $48,000 level and ended the week on the uptick.
According to Coin Metrics, the leading cryptocurrency last gained 4.6% to $47,587.37. ether It rose 2.69% to $2,492.97.
Earlier, Bitcoin rose to $48,207.78 for the first time since January 11, when the price briefly reached $49,058.48 in volatile trading following the launch of the Spot Bitcoin ETF. Prior to that, Bitcoin had not seen the $48,000 level since March 2022.
Bitcoin returns to January highs
Bitcoin trading volume and sentiment have been subdued over the past two weeks as investors worry about large outflows from the Grayscale Bitcoin ETF and a sharp drop in prices, which are expected to skyrocket this year. It has been.
Nevertheless, Bitcoin ended the week up 10.76%, its best week since December 8th. Ether ended the week up 8.46%, its highest since January 12th. Coinmetrics measures the week of cryptocurrencies traded 24 hours a day. From one Friday to the next, until the stock market closes at 4pm ET.
Positive sentiment now appears to be returning as GBTC capital outflows have slowed. Furthermore, the momentum that saw the S&P 500 index briefly reach 5,000 for the first time in history on Thursday may be spilling over into cryptocurrencies.
Sylvia Jablonski said: “Bitcoin’s recent price rise is due to recent inflows into spot ETFs, the prospect of a halving around the corner which is likely to generate investor optimism as prices often spike. , and may be due to overall market momentum.” , CEO and Chief Investment Officer of Defiance ETF.
“In the past, there have been similarities between Bitcoin and tech stocks,” she added. “Lower interest rates, lower inflation, earnings growth, and indexes like the S&P 500 reaching landmark levels are steadily improving risk sentiment across the asset class.”
This move caused cryptocurrency stocks to rise.cryptocurrency exchange coinbase Bitcoin agency rises 7% on Friday micro strategy The largest miner rose nearly 10%, but riot platform and marathon digitalrose 11% and 10%, respectively.
Bitcoin is approaching a key resistance level that Fairlead Strategies identified earlier this week as $48,600. Reaching this level would open the door to new all-time highs, the company said.
On Thursday, Bitcoin topped $45,000 for the first time since January 12, the day after the U.S. Bitcoin ETF began trading. The cryptocurrency has struggled to hold on to its pre-ETF highs, but avoided a drop to $36,000 as expected. It hasn’t fallen below $39,000 in the past month.
—CNBC’s Nick Wells contributed reporting.
Correction: On Friday, Bitcoin rose above $47,708.00 for the first time since January 11th. A previous version of this article incorrectly listed the time period.