Bitcoin Surpasses $50,000 Mark Driven by Spot ETF Inflows
Bitcoin has skyrocketed above $50,000, hitting its highest level in over two years, thanks to substantial inflows into recently approved spot exchange-traded funds (ETFs). This milestone marks the first time the cryptocurrency has broken the $50,000 barrier since December 2021, bringing it to a mere $19,000 away from reaching new record highs. The consistent influx of capital into spot ETFs has provided strong support for this upward trend, with over $1 billion reported in just the past week. One of the standout beneficiaries of this surge is BlackRock Inc’s iShares Bitcoin Trust, which saw a staggering $690 million influx.
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