Crypto News- Bitcoin surged beyond the $50,000 mark, propelling its market cap over $1 trillion once again. This remarkable feat followed a brief setback triggered by the release of unexpectedly high inflation data in the US.
Addressing concerns about the impact of new Bitcoin exchange-traded funds (ETFs) on trading activity, Robinhood’s CFO reassured investors during the company’s earnings call. Despite the introduction of these ETFs, trading volumes on the platform remained robust, with spot Bitcoin trading maintaining its dominance.
February 14 Crypto Summary: Developments in the World of Digital Assets
The resurgence in Bitcoin’s value is attributed to anticipation surrounding the upcoming halving event, which is anticipated to further boost its market price. Grayscale’s analysis suggests that Bitcoin ETFs could offset the sell pressure associated with halving by altering the cryptocurrency’s demand-supply dynamics.
Contrary to fears of cannibalization, Robinhood reported a significant uptick in notional crypto trading volumes, with a notable increase in customer numbers and overall trade volumes.
However, Bitcoin and the broader crypto market experienced a temporary dip in response to the US inflation report, which indicated higher-than-expected inflation rates. Despite this setback, Bitcoin’s price remains resilient, marking a 14% increase over the past week and reclaiming the $50,000 milestone for the first time in over two years.
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