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Bitcoin Tops $48,000 in Big Comeback to End the Week – CNBC

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Bitcoin Tops $48,000 in Big Comeback to End the Week – CNBC

Bitcoin rose to end the week, with its price surpassing the $48,000 level at one point for the first time since Bitcoin spot exchange-traded funds began trading.

The flagship cryptocurrency was last up 4.6% at $47,587.37, according to Coin Metrics. Ether rose 2.69% to $2,492.97.

Earlier, bitcoin hit $48,207.78 for the first time since January 11, when the price momentarily touched $49,058.48 in volatile trading following the launch of bitcoin spot ETFs. Prior to this, bitcoin had not reached the $48,000 level since March 2022.

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Bitcoin returns to January highs

Bitcoin trading volume and sentiment have been suppressed over the past two weeks as investors worry about large outflows from the Grayscale Bitcoin ETF and a deeper pullback in its price ahead of an expected rise this year.

Nonetheless, Bitcoin ended the week up 10.76%, its best week since December 8. Ether finished up 8.46%, making this its best week since January 12. Coin Metrics measures a week in crypto, which trades 24 hours a day, starting at 4:00 p.m. ET, the exchange closes from Friday to Friday.

Positive sentiment appears to be returning now as GBTC outflows have slowed. Additionally, momentum in the S&P 500 briefly touching 5,000 on Thursday for the first time could spill over into crypto.

“Bitcoin’s recent price appreciation could be attributed to recent capital inflows into spot ETFs, the prospect of an impending halving, which tends to generate optimism among investors as prices rise often skyrocketing thereafter, and to general market dynamics,” said Sylvia Jablonski. , CEO and Chief Investment Officer at Defiance ETFs.

“In the past, there have been parallels between bitcoin and technology stocks,” she added. “Lower rates, lower inflation, earnings growth and indexes like the S&P 500 reaching all-time highs are certainly improving risk sentiment for the asset class.”

The move sent crypto stocks soaring. Crypto exchange Coinbase rose 7% on Friday and Bitcoin proxy Microstrategy gained nearly 10%, while the largest miners Riot Platforms and Marathon Digital rose 11% and 10%, respectively.

Bitcoin is approaching a key resistance level, which Fairlead Strategies identified earlier this week at $48,600. Reaching this level would open the door to a new all-time high, the company said.

On Thursday, bitcoin surpassed $45,000 for the first time since January 12, the day after U.S. bitcoin ETFs began trading. The cryptocurrency struggled to hold its pre-ETF highs but avoided falling to $36,000 as expected. It did not fall below $39,000 last month.

—CNBC’s Nick Wells contributed reporting.

Correction: On Friday, bitcoin rose above $47,708.00 for the first time since January 11. An earlier version of this story misstated the time frame.

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