Bitcoin Reaches $48,000 Level for the First Time Since Spot Bitcoin ETFs Launched
Bitcoin has surged to end the week, breaking through the $48,000 level, which it hadn’t seen since the launch of spot bitcoin exchange-traded funds (ETFs). The flagship cryptocurrency is currently up 4.6% at $47,587.37, according to Coin Metrics. Ether has also seen gains, rising 2.69% to $2,492.97.
Bitcoin Returns to January Highs
The price of bitcoin reached as high as $48,207.78, its highest point since January 11th when it briefly touched $49,058.48 during volatile trading after the launch of spot bitcoin ETFs. Prior to this, bitcoin had not surpassed the $48,000 level since March 2022.
Source: Twitter
Positive Sentiment Returns as GBTC Outflows Slow
The past two weeks have seen suppressed trading volume and sentiment for bitcoin due to concerns about significant outflows from the Grayscale Bitcoin ETF and a potential price pullback. However, bitcoin has now gained 10% for the week, while ether has risen by 8%. The slowing outflows from GBTC and the momentum from the S&P 500 reaching 5,000 points for the first time ever may be contributing to the return of positive sentiment in the crypto market.
“The recent price appreciation of bitcoin could be attributed to recent inflows into the spot ETFs, the prospect of the halving around the corner, which tends to generate optimism from investors as prices often shoot up after, and general market momentum,” said Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs.
Crypto Equities Rise Alongside Bitcoin
The surge in bitcoin’s price has also lifted other crypto equities. Coinbase and Microstrategy have each gained over 6%, while Riot Platforms and Marathon Digital, two major miners, have seen increases of 10% and 11% respectively.
New All-Time High Possible at $48,600 Resistance Level
Bitcoin is approaching a key resistance level at $48,600, which could potentially lead to a new all-time high if surpassed, according to Fairlead Strategies. On Thursday, bitcoin surpassed $45,000 for the first time since January 12th when U.S. bitcoin ETFs were launched. While it hasn’t reached its pre-ETF highs, it has managed to stay above $39,000 in the past month.
—CNBC’s Nick Wells contributed reporting.
Correction: On Friday, bitcoin crossed $47,708.00 for the first time since Jan. 11. An earlier version of this story misstated the time interval.
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