Home Cryptocurrency Bitcoin Passes $50,000 Amid Growing ETF Momentum

Bitcoin Passes $50,000 Amid Growing ETF Momentum

Bitcoin reached the $50,000 mark for the first time since the bullish days of 2021. Its surge comes from a five-day period where it gained 13% and represents a strong recovery from a large sell-off in mid-January when long-awaited spot bitcoin exchange-traded funds (ETF) began to trade.

During the January drop, bitcoin fell to $38,500, as it succumbed to a familiar pattern of ‘buying the rumor and selling the news’ that plagued previously anticipated events in crypto such as the April 2021 direct listing by Coinbase and the launch of cash-settled bitcoin futures ETFs in October 2021.

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