Key Points
hovered around $50,000 after briefly scaling the closely watched level for the first time in over two years, a remarkable comeback from the crypto scandals and wipeouts that cast doubt on the industrys viability...
While originally promoted as an alternative to the traditional financial system, the latest rally has been driven by optimism that last months US approval of spot Bitcoin exchange-traded funds is leading to greater mainstream acceptance...
Shares of crypto-related companies also gained Monday with Bitcoin proxy MicroStrategy Inc. rising 11%, trading platform Coinbase Global Inc. increasing 3.8% and miner Marathon Digital Holdings Inc. jumping 14.2%..
Now with Bankman-Fried convicted of fraud, and the Binance exchanges co-founder Changpeng Zhao awaiting sentencing for US sanctions violations and failing to implement anti-money laundering policies, crypto prices have moved higher as analysts see fewer looming risks to the industry...
Aside from ETF inflows, sentiment toward Bitcoin is typically positive during the Lunar New Year holidays that are currently underway in Asia, Fundstrat Global Advisors wrote in a note..
