PRICE OF BITCOIN SURPASSES $47,000 FOR THE FIRST TIME SINCE MARCH 2022

Fri 09 February 2024:

At the end of the week, Bitcoin continued to rise, breaking through the $47,000 barrier for the first time in nearly two years.

According to Coin Metrics, the leading cryptocurrency increased by more than 4% on Friday to reach a level not seen since March 2022: $47,307.00. Ether surged to $2,511.75, up 3%.

Over the previous two weeks, investors have restrained bitcoin trading volume and sentiment, fearing significant withdrawals from the Grayscale Bitcoin ETF and a further decline in the cryptocurrency’s price before this year’s anticipated surge. Still, ether is expected to rise 9% this week, and bitcoin has now gained 10% for the week.

Now that the GBTC outflows have slowed, optimism seems to be rising again. Furthermore, there’s a chance that the S&P 500’s momentum—which it briefly touched 5,000 on Thursday may be spilling over to crypto.

For the first time since January 12, the day U.S. bitcoin ETFs started trading, bitcoin crossed the $45,000 mark on Thursday. Despite the difficulty in holding onto its pre-ETF highs, the cryptocurrency has managed to avoid plunging as low as $36,000, which was predicted. It hasn’t dropped below $39,000 in the past month.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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