BTC/USD: Bitcoin Hits 2-Year High Above $50,000 as ETFs Soaked Up $1B in BTC Last Week

Orange coin crossed the milestone for the first time since December 2021 as new vehicles went into accumulation mode.

• Bitcoin BTCUSD gave crypto bros an adrenaline rush on Monday as its price rallied above $50,000 for the first time since December 2021. In its seventh straight day of green candlesticks, the hulking cryptocurrency posted a 5% rise, climbing to $50,300 from $47,700 per coin.
• Driving the bullish narrative is a pack of big Wall Street players scrambling to scoop up the OG token. The recently launched spot Bitcoin ETFs, short for exchange-traded funds, last week captured $1.1 billion in net inflows, or the difference between the total amount of assets coming in and going out.
• Wall Street’s Bitcoin frenzy spilled into the broader crypto space. The entire digital asset market added more than 2% to its valuation, zeroing in on $1.9 trillion. Of that, Bitcoin holds roughly 53%. Ethereum ETHUSD, the second-biggest coin, jumped 5% to start the week, eclipsing $2,600 per token.