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BTC Climbs Above $50,000; Why is Bitcoin Up Today? Bitcoin has seen an impressive sure today that has seen BTC finally climb above $50,000. The asset has surpassed its two-year high as optimism and institution investment certainly catapulted the asset to the current level. Just one day prior, the cryptocurrency closed at its highest monthly level, surpassing the $48,000 mark. Indeed, Bitcoin has jumped more than 110% since this point last year and showed impressive growth not even two months into 2024. The landmark approval of 11 Spot Bitcoin ETFs this year undoubtedly had something to do with the increase, but why else has BTC surpassed $50,000 today? Throughout the closing months of 2023, digital asset investors were immensely optimistic about the performance of BTC heading into the new year. Despite Spot Bitcoin ETFs coming to fruition, that impact was not immediately felt. However, just ten days into February, the asset has reached new two-year highs. Bitcoin shocked many investors Monday as BTC has officially surpassed the $50,000 level. Indeed, the institutional investment from those Bitcoin ETFs has seemingly fueled the increase. Just a week ago, inflows saw their second-best day, with more than $400 million across nine different products on Friday. Also Read: Bitcoin Recovers: Surges to $46.3K, Marking Milestone Additionally, these figures are even more impressive considering the relatively low levels of outflows. Specifically, Daan Crypto Trades took to X (formerly Twitter) to state that the ETF net flows on that sawm Friday saw an increase of $541 million. Thereafter stating that these investment products had seen 11 straight days of net positive inflows. The overall battle between buyers and sellers caught the attention of investors to start this week. However, it had lent itself to propelling the asset higher, with many predicting it to reach the level it has today. Now, all eyes are on where the price of BTC goes from
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Crypto Markets Likely To Go ‘Ballistic’ in 2024 With Altcoins Outshining Bitcoin: Analyst Jason Pizzino Analyst Jason Pizzino thinks altcoins could outshine Bitcoin (BTC) this year as the crypto markets anticipate two potential bullish catalysts. In a new YouTube video, Pizzino tells his 307,000 subscribers that two massive events for the crypto space are coming up this year: the Bitcoin halving and the US presidential election. Pizzino thinks the halving, which is currently slated to happen on April 18th, could pause any ongoing correction. He thinks the election, however, could be an even bigger event for the crypto space. “What we’ve seen from the [elections in the past is it’s] when the markets go ballistic. Sometimes a month or two earlier, sometimes right on that period. So stay alert coming into quarter three of 2024.” The analyst sees Bitcoin correcting to around $37,000 in the short term. BTC is trading at $39,922 at time of writing and is down about 3% in the past 24 hours. Pizzino thinks BTC and Ethereum (ETH) are primed to experience gains this year, but he also thinks altcoins will outperform the top two crypto assets later in the bull market cycle.
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Judge refused to let Binance founder Zhao travel to UAE despite his offer to use equity as security A federal judge last month rejected a request by Binance founder Changpeng “CZ” Zhao to travel to his home in the United Arab Emirates for the “hospitalization and surgery” of a person in his life even though he offered to post his Binance equity as security for his return to the U.S., a new court filing reveals. The equity was worth $4.5 billion, based on Binance’s last round of fundraising two years ago, Zhao’s lawyers noted in their Dec. 22 letter to Judge Richard Jones, according to a filing Wednesday. Zhao pleaded guilty in November in Seattle federal court to failing to maintain an effective anti-money laundering program at the company, the world’s largest cryptocurrency exchange. Binance agreed to pay $4.3 billion in penalties in the case. Zhao, who stepped down as CEO because of his plea, is due to be sentenced on Feb. 23, but he has remained free in the U.S. on a $175 million release bond. In the letter last month, his lawyers asked Judge Jones to allow him to travel to Abu Dhabi on Jan. 4 for a period of one to four weeks, so he could be present for the hospitalization, surgery, and subsequent recovery period of a person whose name is redacted in the copy of the letter filed Wednesday. Details of the medical procedure were also blacked out in the letter, which noted that federal prosecutors had not consented to Zhao’s request. Jones held a closed hearing on the request on Dec. 29, and denied Zhao’s bid to travel, court records show.
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Weekly Preview: Top 5 Cryptos To Watch This Week Despite the ongoing correction in the crypto market, opportunities abound for investors. In the spotlight this week is Bitcoin, but the world of altcoins is equally brimming with potential. #1 Bitcoin (BTC) – The King Of Crypto Bitcoin remains the bellwether of the crypto market, and its price action is once again expected to set the tone for the week. Grayscale’s GBTC ETF, which currently holds 566,973 BTC ($23.21B), is a key focal point. The ETF has seen outflows of approximately 52,227 BTC ($2.14 billion) since it was passed, leading to speculation about when these outflows will end. Crypto analyst Ignas | DeFi Research pointed out the psychological impact of Grayscale’s continuous selling: “Grayscale’s continuous dumping every working day gave the market trauma. Now, everyone expects another BTC transfer from GBTC to Coinbase and BTC dumped in advance. A massive rebound awaits when that anticipated morning transfer never happens.” Thus, the spot Bitcoin ETF flows in general (how can the “newborn nine” absorb the GBTC outflows) and the GBTC outflows particular will be key data points, which will determine the price trend this week. At press time, BTC was falling towards the 6-week low at $40,270.
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Cryptocurrencies priced in cents set to reach $1 in 2024 The foundational story of cryptocurrencies is one of democratizing money and preventing major institutional abuses such as those that caused the crash of 2008. It also represents the ambition to provide greater efficacy and anonymity to the world’s financial system. It has also, through the crypto market, become a popular and lucrative investment avenue and, along its idealistic foundation. The fact that part of its appeal comes from the fact that these assets have a demonstrated ability to rise millions of percents within relatively short timeframes simply cannot be ignored. Looking at the world’s first and foremost cryptocurrency – Bitcoin (BTC) – and its price history, this ability and the appeal it offers becomes self-evident. In fact, a person who invested just $1 in Bitcoin in 2010 – a time when it was worth between around $0.0008 and $0.08 – would, by press time, have approximately $500 million.
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