The digital currency traded close to the $70,000 mark after crossing the $60,000 mark a week earlier. It was up 2.3% for the week, on solid interest from the newly established ETFs, the prospects of lower interest rates, and a tighter supply on the upcoming halving in April.
Analysts see this as a pivotal moment, highlighting bitcoin's resilience and its ability to bounce back despite challenges.
Bitcoin and smaller stocks led another winning week on Wall Street, helped by lower bond yields and AI hype, ahead of another labor market report and more earnings.
Let's delve into the top-performing cryptocurrencies of 2024 and explore the factors driving their success.
Bitcoin spiked above $50,000 Tuesday for the first time in more than two years as investors grow optimistic that US approval of broader trading in the unit will ramp up demand.
BlackRock's Rick Rieder hinted that the world's largest asset manager may amass more Bitcoin in the future, depending on the public's attitudes toward the cryptocurrency.
An Australian man went on trial in London this week over his claims of inventing bitcoin -- not the first time someone has been linked to being the cryptocurrency's enigmatic creator.
The nine Bitcoin ETFs collectively achieved a combined volume of $994.1 million, nearly doubling the flow observed in GBTC at $570 million.
Bitcoin demonstrated resilience by establishing stability within the $39,000 to $40,000 range and showcased its bullish strength Friday when it saw a notable surge, closing at the $42,000 mark.
Charles Schwab's position may soon change, as it could be currently evaluating the strategic advantage of entering the market as a second mover in a space where many competitors raced to be the first, Bloomberg Intelligence analyst Eric Balchunas said.
"The need for federal legislation over cash market digital assets has never been more critical, and I will continue my call for action," the CFTC chair said.
When Vanguard made the decision to exclude the new Bitcoin ETFs from its extensive trading platform, the hashtag #BoycottVanguard quickly gained traction on the social media platform X (formerly Twitter). However, instead of yielding to the pressure, Vanguard reaffirmed its stance and remained resolute in its decision.
Since transitioning to trade as a spot Bitcoin exchange-traded fund (ETF) on January 11, the Grayscale Bitcoin Trust (GBTC) has experienced an outflow of approximately $4.8 billion from its holdings.
Tesla Inc.'s fourth-quarter report noticeably omitted any mention of Bitcoin-related activities, underlining the company's continued ownership of its significant Bitcoin holdings, totaling 9,720 BTC.
GBTC has been recording massive outflows since it officially traded as a spot Bitcoin exchange-traded fund (ETF).
In the notice, the government explicitly outlines its intentions to liquidate the seized Bitcoin.
ARKB, on its eighth day of trading, the fund experienced a notable inflow of $110.5 million, further solidifying its position as an attractive investment vehicle in the Bitcoin ETF landscape.
Grayscale Bitcoin Trust ETF (GBTC) Bitcoin balance currently stands at approximately 553,000 BTC, marking a notable decrease of approximately 12% from its peak level of 630,000 BTC.
The significant uptick in inflows for the IBIT on Tuesday marked the ETF's third-largest inflow day.
The king of crypto's continued downhill trading coincided with the transfer of approximately 15,200 BTC from Grayscale Investment's Bitcoin ETF GBTC to Coinbase worth around $590 million on Tuesday.
Bitcoin's fall below $39,000 intensifies market complexities and prompts scrutiny of its short-term direction.
Among the various ETFs, Fidelity's FBTC and BlackRock's iShares Bitcoin Trust have each attracted over $1.2 billion in inflows.
