Cryptocurrencies
Bitcoin Surges to $50,000 for the First Time Since 2021 on ETF Demand
- US spot ETFs raked in about $2.8 billion in total net inflows
- BlackRock, Fidelity have each taken in more than $3 billion
This article is for subscribers only.
Bitcoin hovered around $50,000 after scaling the closely watched level for the first time in over two years, a remarkable comeback from the crypto scandals and wipeouts that had cast doubt on the industry’s viability.
The largest digital asset was trading at around $49,800 as of 11:22 a.m. Tuesday in London, having earlier risen as high as $50,379. The token has tripled in value since the start of last year following a 64% plunge in 2022. Bitcoin remains roughly $19,000 below the all-time high it touched in November 2021.