Bitcoin surpasses $44.2k, a level last seen days after Bitcoin ETF approvals

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8 Feb 2024

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Bitcoin surpasses $44.2k, a level last seen days after Bitcoin ETF approvals
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News ▸ Bitcoin ▸ Analysis

Bitcoin surpasses $44.2k, a level last seen days after Bitcoin ETF approvals

BTC was last priced at $44,200 almost one month ago on Jan. 12.
Mike Dalton
Feb. 7, 2024 at 11:54 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin prices rose above $44,200 on Feb. 7, a price level observed shortly after spot Bitcoin ETFs gained approval last month.

Specifically, Bitcoin (BTC) is up 2.5% over 24 hours as of 10:45 p.m. UTC, with a market price of $44,263.78 and a capitalization of $868 billion.
This marks a nearly one-month high, as BTC was previously priced at $44,200 on Jan. 12, days after the approval of spot Bitcoin ETFs. Nevertheless, the current price is still far from Bitcoin’s one-month high of $48,494 on Jan. 11.
Meanwhile, Coinglass data indicates that the crypto market has seen $102.94 million in liquidations over 24 hours. That total is largely made up of $31.57 million of BTC liquidations and $18.34 million of ETH liquidations.
Liquidation data for Feb. 7 by Coinglass
The crypto market is up 2.3% on average over 24 hours. Top altcoins have seen comparable gains: Solana (SOL) is up 3.4%, Avalanche (AVAX) is up 3.0%, Ethereum (ETH) is up 1.9%, BNB is up 1.7%, and Dogecoin (DOGE) is up 1.7%.

Various factors may be at play

The reasons for the latest price gains are not entirely known. January highs were likely due to anticipation around spot Bitcoin ETFs that faded after approval.
Recent gains may partly be due to anticipation of spot Ethereum ETFs and spot Bitcoin ETF options. Today’s market-wide 2.3% gains are relatively modest, in line with a lack of certainty around approving those products.
Continued inflows into spot Bitcoin ETFs may also affect Bitcoin prices. Bloomberg ETF analyst James Seyffart’s latest data indicates that spot Bitcoin ETFs have seen $1.68 billion in inflows after considering Grayscale’s GBTC outflows. Bitcoin locked in ETF trusts can increase prices by creating greater demand for the remaining supply among investors.
ETF flows for Feb. 7, via James Seyffart
BTC PRICE & MARKET DATA
At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 2.72% over the past 24 hours. BTC has a market capitalization of $868.52 billion with a 24-hour trading volume of $21.01 billion. Learn more about BTC ›

Bitcoin

7 Feb at 11:54 pm UTC

$44,263.87

2.72%

BTCUSD CHART BY TRADINGVIEW

MARKET SUMMARY

At the time of press, the global cryptocurrency market is valued at at $1.7 trillion with a 24-hour volume of $50.49 billion. Bitcoin dominance is currently at 51.21%. Learn more ›
AUTHOR

Mike Dalton

Journalist at CryptoSlate
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
EDITOR

News Desk

Editor at CryptoSlate
CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
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VOL: $24.95B
MCAP: $878.58B
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