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exBanker · 2024-02-12T23:14:11Z

$BTC reached the $50k price level in the last 24 hours. What does this mean? Since plunging all the way to $15,476 in November 2022, the price of Bitcoin (BTC, “A”) has experienced a remarkable surge. In the time since, it has escalated by an impressive 223% to now stand at $50,000. Undoubtedly, as the flag bearer of the world's premier performing asset class, Bitcoin has more than tripled in value within a mere 15-month span.As of now, Bitcoin sits only -27.5% below its all-time-high price. To reclaim this peak, BTC would need to undergo approximately 37.9% growth.This task isn't daunting for Bitcoin when it’s in a bullish phase. After all, it was able to bridge a similar gap in just the past three months alone. And that was before the recent spike in interest. Bitcoin's open interest — expressed in U.S. dollars — has surpassed $11 billion for the first time since December 2021. You know, right around the tail end of the last bull market.This uptick hints at a resurgence of speculative interest in the asset in tandem with traditional equities.Speaking of traditional equities, Bitcoin’s market cap — sitting at a hefty $979 billion — officially puts Bitcoin as the 10th largest asset in the world by market capitalization, surpassing giants such as JPMorgan Chase (JPM), Berkshire Hathaway (BRKA), Tesla and Visa (V). Source: CompaniesMarketCap.com. Clearly, the original crypto is already playing with the big boys. And it seems more people are tuning into that fact than ever before.In the past seven days, Bitcoin experienced decisive breakouts above both the $47,700 and $48,500 levels. Today, it surged directly to $50,000, breaking above this significant threshold following a bullish weekly close: But this isn’t just Bitcoin breaking above a key psychological near-term level. It also represents an opportunity to cut out additional selling pressure.That’s because Bitcoin at $48,500corresponds to the average acquisition price for over 800,000 addresses holding 270,000 BTC, according to IntoTheBlock data. This group represents the largest remaining losing faction among all holders, exerting selling pressure on that level. With the current price surpassing their acquisition level, this group is now in profit. And if the price continues pushing above their breakeven point of $48,500, their inclination to hastily sell diminishes.And they are not the only winners of this move.Remarkably, MicroStrategy (MSTR) finds itself holding an impressive $3.5 billion in unrealized gains with BTC’s latest surge to $50,000. Their strategic move in January saw them boldly acquiring an additional 850 BTC, further solidifying their position with a total portfolio of 190,000 BTC.As Bitcoin sets its sights on its next milestones — namely holding $50,000 with confidence before targeting the $53,000 level — the potential for continued growth looms large. And don't listen to the ever-present naysayers claiming this surge is sudden. They’re only looking at the tip of the iceberg.A closer examination of the charts reveals a different narrative: This uptrend isn't merely a pump. Rather, it represents a series of calmly bullish days seamlessly transitioning into one another.After all, the demand for Bitcoin spot ETFs is soaring. The newly issued spot-based Bitcoin ETFs in the U.S. reached net inflows of $1.1 billion last week. That brings the total inflows from Jan. 11 through last week to a whopping $2.8 billion.Going forward, I expect even more demand. Especially with the upcoming halving event, which is just about two months away and getting closer each day. As a reminder, the halving takes place every four years to reduce the amount of Bitcoin that can be mined. In essence, it cuts the circulating supply of Bitcoin in half.Indeed, the bullish sentiment surrounding Bitcoin is palpable. However, before we get swept away by this upward momentum, it's crucial to recognize the importance of key support levels. Currently, $43,500 stands as a key support level that must hold for BTC to sustain its bullish trajectory.Notable News, Notes & XeetsEthereum (ETH, “A-”) NFT volume is approaching a yearly high as Pudgy Penguins threatens to replace Bored Ape Yacht Club as the NFT collection with the second-highest market cap, after CryptoPunks.DeFi platform Pendle (PENDLE, Not Yet Rated) nears $1 billion in total value locked. The surge in interest comes as the market looks for more opportunities for liquid restaking tokens. Pendle also added support for the BNB chain and real-world assets (RWA).The amount of ETH supply staked on the Ethereum network has reached 25%. Having more stakers has caused staking rewards to decline from a peak of 8.6% to now under 4%.What’s Next?Bitcoin bullishness is bolstered by the growing demand for the spot Bitcoin ETFs, and the potential for Asian ETFs is simmering, as well. And don’t think those will be just the second act. The significance of the introduction of Asian ETFs shouldn't be underestimated, especially consi...

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Bitcoin at $50k! What does this mean for the crypto market, and for you?

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Ernest

Feb 15, 2024 6:31 am

(@ernest)

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Joined: 2 years ago

Mine ICe now

Posts: 1064

Jrd

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Feb 16, 2024 4:37 am

(@jrd)

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Joined: 2027 years ago

It could, probably before the end of next year, that's BTC for you

O wish that by then, the Gems coin would have been listed and trading at 100 usd per gem.

Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. 💰

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