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CDS Crypto News Bitcoin Price Surges Past $51,000 as Market Eyes $64,000 Target Amid Growing ETF Demand

Crypto News

Bitcoin Price Surges Past $51,000 as Market Eyes $64,000 Target Amid Growing ETF Demand

Zeynep Öztürk14/02/20241 Mins read170

Bitcoin Price Surges Past $51,000 as Market Eyes $64,000 Target Amid Growing ETF Demand

Crypto News – As demand for spot bitcoin exchange-traded fund products continues to surge, certain traders are setting their sights on the $64,000 level in the forthcoming weeks.

During the European morning hours on Wednesday, the price of bitcoin (BTC) surged past $51,000, marking a significant milestone as it reached a market capitalization of $1 trillion for the first time since December 2021, according to data analysis. This upward trajectory reflects the prevailing bullish sentiment surrounding the sustained growth of the leading cryptocurrency. Notably, options traders are actively placing bets on prices potentially soaring to as high as $75,000 in the months ahead.

With the escalating interest in spot bitcoin exchange-traded fund (ETF) products, a number of traders are honing in on the $64,000 target in the near future. A telling sign of this growing demand emerged on Tuesday when BlackRock‘s IBIT witnessed a substantial influx of nearly $500 million in net inflows, signaling a strong appetite for purchasing.