Bitcoin (BTC) saw a price increase on Monday morning, breaking the $53,000 mark for the first time since the end of 2021. Bitcoin reached as high as $53,482 on Monday and currently maintains above the pivotal $53,000 mark at a price of $53,409.
Bitcoin ETFs Gain Traction
Bitcoin’s price approached $53,000 last week but fell below $51,000 within a day. BTC began to rise in early February following the launch of spot Bitcoin ETF products in the US market in mid-January. Major Wall Street financial firms like BlackRock and Fidelity now offer their clients a way to access Bitcoin through ETFs that trade similarly to stocks.
There is significant demand for Bitcoin ETFs, and issuers have collectively purchased billions of BTC to meet this demand. Bitcoin started the month slightly above $42,000 and continued to gain in price until it crossed $50,000 on February 12th. Bitcoin surpassed the $50,000 threshold for the first time since December 2021. However, since then, Bitcoin had not made such significant moves until now.
Price Movement in BTC
Bitcoin has remained above the $50,000 mark for about two weeks, but before Monday morning’s leap, it was mostly fluctuating between $51,000 and $52,000 recently. The leading cryptocurrency, Bitcoin, showed an approximate 4% increase during the day, bringing its 30-day rise to 27%. The price of the token has more than doubled since this time last year, with an increase of 129% in that period.
Bitcoin’s latest price surge comes ahead of the next halving event, expected around April 20. Halving combats inflation by cutting the BTC rewards given to miners by half and occurs programmatically approximately every four years.
