Bitcoin saw a surge in its price, surpassing $47,000 in the early stages of Friday and reaching its highest level in more than two years. This rally was triggered by a jump in the cryptocurrency market, with stocks of Coinbase, Marathon Digital (MARA), and Microstrategy (MSTR) all soaring during premarket trading.
In the past 24 hours, Bitcoin has jumped more than 6%, trading above $47,400. This is the highest level it has reached since its intraday spike on the day the ETF launched on January 11. In 2024, the top cryptocurrency grew by nearly 11%.
Ethereum has also seen a rise, with a 3.8% increase in the past 24 hours, breaking above $2,500. Meanwhile, stocks related to the crypto market have also seen a surge. Coinbase (COIN) saw a 7% increase in its stock, while Bitcoin miner Marathon Digital saw a premarket jump of 11%. Microstrategy, the largest publicly traded Bitcoin exchange, also experienced a 7% increase in premarket trading, following a 15.7% rally on Thursday. They have recently announced the acquisition of 850 BTC, bringing their total to 190,000 BTC, worth approximately $8.1 billion, as announced during their Q4 Earnings Call on February 6.
The launch of Spot Bitcoin ETFs has also brought a change in the way people invest in cryptocurrencies. Bitcoin ETF shares have seen a 4% increase in premarket trading since the launch, in correlation with the rise in Bitcoin price. BlackRock’s (BLK) iShares Bitcoin Trust (IBIT) has seen a significant increase in funds invested, with nearly $3.23 billion in inflows by February 8, according to Bloomberg data. Fidelity Wise Origin Bitcoin Fund (FBTC) and Bitwise Bitcoin ETF (BITB) also saw significant inflows, with $2.8 billion and $696 million respectively. Grayscale Bitcoin Trust (GBTC) has recorded an outflow of approximately $6.23 billion, with a steady decrease in growth. However, they still manage $21.23 billion in assets, making them second in the rankings behind Bitcoin Trust with $344 billion.
Other trends are expected to have an impact on Bitcoin in 2024, including its upcoming halving in April and the increase in institutional participation. To stay updated on the latest news and updates about Bitcoin, follow Harrison Miller on Twitter @IBD_Harrison.
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