Bitcoin (BTC-USD) prices briefly jumped above $50,000 on Monday, a benchmark value the cryptocurrency hasn’t sat at since late 2021. Yahoo Finance Live monitors bitcoin’s intraday price action and comments on the enthusiasm re-injected into the crypto space since the trading of spot bitcoin ETF offerings in January.
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Crypto today why don’t we start there because we have some headlines Julie Hyman uh Bitcoin jumping to 50,000 for the first time in more than two years we all remember of course 2022 and that nasty plunge lots of questions at that point Julie about the asset the future
Of the asset yet had crypto fans on TV seeming kind of Dazed and Confused but now Bitcoin has been on the move it has tripled since the start of last year of course you know listen it’s still well below that alltime high which is around 69,000 but rally back here in part of
Course due to you know something we’ve talked a lot about which is these approval of these new spot Bitcoin ETS and the bet some are making that yes these new products over time are going to drive greater mainstream adoption and initially of course after we finally got the approval and the beginning of
Trading for those ETFs we saw a little bit of a pullback in Bitcoin which some who watched the industry closely had predicted would happen to sort of sell the news event now coindesk the publication that follows crypto very closely says we’re back at the fomo stage of Bitcoin here uh pointing out as
You did that we saw that peak of 69,000 but then the low at the end of 2022 was 16 so obviously we’ve come back quite a bit uh from that level and last year was kind of a a slow rally if you will there’s one um analyst out there that
Again coindesk is quoting today from crypto Quant that we could see Bitcoin touch $112,000 this year and they’re looking specifically at the inflows into those spot Bitcoin funds and if that momentum continues that’s at least the implication in that one forecast yeah and also not to get too geeky but people
Are also talking about that so-called Bitcoin having which you expect in April which sort of refers to this process of um curbing the supply of new tokens so some expect he as we get closer to that is that another Catalyst does chatter start bringing bringing that up as well
Right when we look at the spot Bitcoin ETFs in terms of the net inflows into those according to Bloomberg intelligence data $2.8 billion is what we’re talking about and that’s even with some pretty big outflows of more than $6 billion from the grayscale Bitcoin trust that’s because again not to get too
Wonky here but basically before these were approved many people held that gbtc then when the others got approved they moved their money over because we saw the discount collapse between gbtc and the underlying price of Bitcoin so we saw some funds move their money to some
Of the other spot Bitcoin ETFs all of that said again still net inflows into those uh spot Bitcoin ETFs yeah and it was interesting because the reports I saw too said that maybe you were seeing some indication that the outflows um from the Grace Grace scale fund could be
Maybe losing some steam here as well so that was part of it too yeah so we’ll see what happens next and we’re going to talk about Bitcoin a little bit more a little bit later in the show
28 Comments
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