Bitcoin Surges to $50k on ETF Demand

Bitcoin has surged to $50,000 for the first time in over two years, marking a remarkable comeback from a series of crypto industry scandals and bankruptcies.

The original cryptocurrency has tripled in value since the start of last year, climbing back from a 64% plunge in 2022. Bitcoin last traded at $50,000 in December 2021, but is still below the all-time high of almost $69,000 reached in November 2021.

Bitcoin prices briefly jumped above $50,000 on Monday, a benchmark value the cryptocurrency hasn’t sat at since late 2021.

The cryptocurrency has risen 16.3% so far this year, reaching its highest since December 27, 2021. Crypto stocks also experienced a boost, with Coinbase opening new tab up 4.9%, and miners Riot Platforms and Marathon Digital (MARA.O) opening new tab up 10.8% and 11.9%, respectively.

Shares of software firm MicroStrategy (MSTR.O), a notable buyer of bitcoin, were up 10.2%.

The primary driver behind bitcoin’s recent price appreciation can be attributed to the increased inflow into BTC spot ETFs. The cryptocurrency has risen 16.3% so far this year, reaching its highest since Dec. 27, 2021.