Bitcoin

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In the last 24 hours, Bitcoin soared to a 2-year peak, briefly breaking the $50,000 barrier. Although it has since pulled back from this mark, BTC’s momentum remains strong, showcasing a bullish trend with a 3.9% increase over the past day. 
In a recent CNBC <a href="https://twitter.com/LastCallCNBC/status/1757196336598774150?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">interview</a>, Tom Lee, a key figure in the financial analytics sector, shed light on the driving forces behind BTC’s notable surge to this significant high. 
<h2 id="key-factor-behind-50-000-btc-surge">Key Factor Behind $50,000 BTC Surge</h2> 
Tom Lee has identified the launch of spot Bitcoin exchange-traded funds (ETFs) as a crucial driver behind this upward trajectory. Introducing<a href="https://bitcoinist.com/breaking-spot-bitcoin-etfs-approved-by-us-sec/" target="_blank" rel="noopener ">&nbsp;these spot ETFs in the US</a> represents a “watershed moment,” bridging the gap between traditional investment mechanisms and the digital currency domain. 
According to Lee, “the ability to buy BTC has changed a lot.” By facilitating access to Bitcoin through conventional brokerage accounts, <a href="https://bitcoinist.com/crypto-cash-digital-assets-bitcoin-etfs-leading/" target="_blank" rel="noopener ">spot ETFs</a> have “significantly” lowered the barriers to entry for investors, enhancing BTC’s appeal and “fostering” its integration into the mainstream financial ecosystem. 
Lee noted: 
<blockquote>
 I think it [Bitcoin spot ETF] is a wonderful development because it is allowing people to really have exposure without having to necessarily store their private keys. And I think it was great to see that subtle reference at the Super Bowl.
</blockquote> 
For context, the “reference to the Super Bowl” Lee is referring to is when the visibility of BTC received a substantial boost during the Super Bowl when former CEO of Twitter (now X) Jack Dorsey was spotted wearing a “Satoshi” shirt, a nod to Bitcoin’s pseudonymous creator. 
This moment of recognition during one of the most widely viewed events in the United States underscored BTC’s growing cultural and financial significance. 
<blockquote class="twitter-tweet"> 
 “The ability to buy <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a> has changed a lot… with the launch of the ETFs,” says <a href="https://twitter.com/fundstrat?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">@fundstrat</a>’s Tom Lee on Bitcoin hitting $50K. “It makes it easier now for people who have traditional brokerage accounts to buy <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$BTC</a>. I think it’s a wonderful development.” <a href="https://t.co/Uy3TuyKqzd" target="_blank" rel="noopener nofollow">pic.twitter.com/Uy3TuyKqzd</a> 
 — Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1757196336598774150?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 13, 2024</a>
</blockquote> 
<h2 id="bitcoin-spot-etf-performance-and-market-response">Bitcoin Spot ETF Performance And Market Response</h2> 
Since their inception on January 11th, the new wave of spot Bitcoin ETFs has demonstrated positive performance. With heavyweights like BlackRock (IBIT) and Fidelity (FBTC) at the helm, the latest 9 spot BTC ETFs have collectively <a href="https://bitcoinist.com/bitcoin-etf-these-9-new-participants-accumulated/" target="_blank" rel="noopener ">accumulated over 200,000 BTC assets under management</a> in less than a month. 
This rapid accumulation reflects investors’ confidence in BTC as a viable asset class and marks a significant shift in the landscape of digital asset investment. 
Their comparison with traditional safe-haven assets further underscores the <a href="https://bitcoinist.com/evaluating-performance-bitcoin-etfs-since-launch/" target="_blank" rel="noopener ">“success” of these spot ETFs</a>. BTC spot ETFs outperformed<a href="https://bitcoinist.com/spot-bitcoin-etf-flows-flip-gold-capital-rotation/" target="_blank" rel="noopener ">&nbsp;gold ETFs</a> in inflows, signaling a potential reevaluation of Bitcoin as a digital alternative to gold. 
<blockquote class="twitter-tweet"> 
 Bitcoin ETF flows after first 14 trading days: $1.7 billion 
 Gold ETF flows after first 14 trading days: $1.3 billion 
 — Matt Hougan (@Matt_Hougan) <a href="https://twitter.com/Matt_Hougan/status/1753183681110564931?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 1, 2024</a>
</blockquote> 
BTC has maintained a bullish momentum amid this backdrop of burgeoning spot ETF success. Recently, the cryptocurrency experienced a notable price increase, surpassing $50,000 for the first time since December 2021. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/blKHNVFu/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1556"> 
Featured image from Unsplash, Chart from TradingView

Here’s What Drove Bitcoin’s Price To $50,000, According to This Expert

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Bitcoinist

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