ETF Revival Pushes Bitcoin to $50,000

Bitcoin has jumped to $50,000 for the first time in more than two years, thanks to the record performance of the Bitcoin ETF's listing in the United States. The value of the initial cryptocurrency has tripled since the start of last year, rebounding from a 64 per cent plunge in 2022. Bitcoin's latest rally has been fuelled by optimism that more people are being prompted to embrace the currency after the U.S. approved last month for exchange-traded funds to hold bitcoin directly. Greg Moritz, co-founder of cryptocurrency hedge fund AltTab Capital, said the slump of the past few weeks was due in large part to grey-scale capital outflows. Now that those outflows have slowed, we're seeing, as expected, net inflows picking up.