Bitcoin Breaks $50K For First Time Since 2021

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Forbes

Business News, Business, News, Entrepreneurship

4.8 • 6 Ratings

🗓️ 13 February 2024

⏱️ 12 minutes

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Summary

Bitcoin reached the $50,000 mark for the first time since the bullish days of 2021. Its surge comes from a five-day period where it gained 13% and represents a strong recovery from a large sell-off in mid-January when long-awaited spot bitcoin exchange-traded funds (ETF) began to trade. During the January drop, bitcoin fell to $38,500, as it succumbed to a familiar pattern of ‘buying the rumor and selling the news’ that plagued previously anticipated events in crypto such as the April 2021 direct listing by Coinbase and the launch of cash-settled bitcoin futures ETFs in October 2021. Steven Ehrlich, the director of Forbes Digital Assets, joins “Forbes Talks” to discuss Bitcoin reaching $50,000 for the first time since 2021. Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes: http://forbes.com Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi everyone I'm Rose Marie Miller here with Stephen Erlich, the director of Forbes
0:07.2	Digital Assets here to tell us all about Bitcoin reaching $50,000 for the first time since 2021.
0:15.0	Thank you so much for joining me today, Steve.
0:18.0	Thanks, Rosemary.
0:20.0	So Steve, what happened?
0:22.0	Why did Bitcoin reach 50K today?
0:25.0	It's been a bit of a slow burn really over the last few weeks or so.
0:30.0	As you probably recall, about 10 different spot
0:36.1	Bitcoin E. T.F. funds to begin trading and this was a long away to kind of a
0:42.3	10-year wait for for crypto and as we've spoken
0:46.1	previously Rosemary Bitcoin really surged about 50% in the three months leading
0:51.1	up to that point in time. I believe when the funds started
0:54.2	trading, Bitcoin was around 46,000. It went all the way up to about 49,000. But then as
1:00.3	Bitcoin has a habit of doing, it turned out that at least for now those ETS were a
1:05.5	by the rumor sell the news sort of event where Bitcoin then quickly fell down to
1:10.3	38,500 or so a big part of that was the fact that FTX, the estate of the collapsed
1:17.0	exchange created by Sand Bank and Freed had about $1.2 billion worth of shares in one particular fund, this gray scale
1:23.8	Bitcoin trust that it liquidated right away, which sort of canceled out a lot of
1:27.8	the net inflows. But really kind of, this has been a lot of trading volume, these ETS were sort of muted.
1:37.0	But as we've seen over the last few weeks, and this was something that I predicted and many other animals had kind of predicted.
1:43.2	There wasn't going to be a big ushering of $10 billion, $20 billion in these funds right away.
1:48.1	It just takes time and just because these things are allowed to trade that doesn't mean
	...

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