{"id":60476,"date":"2024-02-15T16:59:13","date_gmt":"2024-02-15T16:59:13","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/bitcoin-market-cap-crosses-1-trillion-as-buyers-flood-in-the-express-tribune\/"},"modified":"2024-02-15T16:59:13","modified_gmt":"2024-02-15T16:59:13","slug":"bitcoin-market-cap-crosses-1-trillion-as-buyers-flood-in-the-express-tribune","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/bitcoin-market-cap-crosses-1-trillion-as-buyers-flood-in-the-express-tribune\/","title":{"rendered":"Bitcoin market cap crosses $1 trillion as buyers flood in | The Express Tribune"},"content":{"rendered":"
\n
\nNEW YORK\/WASHINGTON:
\n<\/strong><\/p>\n

The total value invested in bitcoin surpassed $1 trillion on Wednesday for the first time since November 2021 as inflows to US\u00a0spot bitcoin exchange-traded funds continued to support cryptocurrency prices.<\/p>\n

Bitcoin’s price reached as high as $52,079 on Wednesday, its latest 25-month high. It was last up 4.29% at $51,690, taking the token’s market cap to $1.013 trillion according to price platform Coingecko.<\/p>\n

The world’s largest cryptocurrency has risen around 22% since the start of February, already set for its biggest monthly rise since October.<\/p>\n

Strong inflows to new US\u00a0listed ETFs have driven some of the price action in recent weeks, say analysts, and capital flows into the 11 US spot bitcoin ETFs increased to $1.64 billion in the week to Wednesday, LSEG Lipper data showed.<\/p>\n

The previous five trading sessions saw inflows of $409 million to the products, which received regulatory approval and began trading in January.<\/p>\n

“Whether this pace will be sustained remains to be seen but in crypto, price often drives flow,” said analysts at crypto liquidity provider B2C2.<\/p>\n

“One has to imagine that if there are more days like the last few, large inflows will be met by further price rises for spot (bitcoin).”<\/p>\n

Bankrupt crypto lender Genesis Global Capital on Wednesday\u00a0received permission from a US.court<\/a>\u00a0to sell about $1.6 billion in shares in Grayscale Investments’ spot bitcoin ETF\u00a0as part of its effort to repay creditors.<\/p>\n

The all-time high for bitcoin’s market cap was $1.28 trillion hit in November 2021, according to Coingecko.<\/p>\n

Investments in bitcoin make up more than half of the $2.01 trillion parked in the overall cryptocurrency market which includes ether and other digital coins.<\/p>\n

<\/p>\n

Reuters Graphics<\/p>\n

CRYPTO-LINKED STOCKS JUMP<\/h2>\n

Shares of U.S.-listed cryptocurrency companies also gained on Wednesday, with exchange Coinbase climbing 13.5%, while miners Riot Platforms\u00a0and CleanSpark\u00a0gained 12.2% and 11.3%, respectively.<\/p>\n

Bitcoin had hit an all-time high of $69,000 in November 2021, before struggling for much of 2022 and the first part of 2023, weighed down by monetary tightening by global central banks and a slew of high profile failures at crypto companies, including\u00a0leading exchange FTX<\/a>.<\/p>\n

But in the last few months, hopes of a soft landing for the economy and the launch of spot bitcoin ETFs have helped sentiment. The ETFs have been touted as a game-changer for the industry, already known for its appeal to retail traders, since the products enable investors to gain exposure to bitcoin without directly holding the asset.<\/p>\n

Second-largest token ether, which underpins the ethereum network, was last up 4.9% at $2,762, its highest since May 2022.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK\/WASHINGTON: The total value invested in bitcoin surpassed $1 trillion on Wednesday for the first time since November 2021 as inflows to US\u00a0spot bitcoin exchange-traded funds continued to support cryptocurrency prices. Bitcoin’s price reached as high as $52,079 on Wednesday, its latest 25-month high. It was last up 4.29% at $51,690, taking the token’s […]<\/p>\n","protected":false},"author":2,"featured_media":60477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/i.tribune.com.pk\/media\/images\/bitcoin1707981988-0\/bitcoin1707981988-0.jpg","fifu_image_alt":"","footnotes":""},"categories":[8],"tags":[],"class_list":["post-60476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/60476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/comments?post=60476"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/60476\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/60477"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=60476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=60476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=60476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}