Daily Outlook

Bitcoin Briefly Climbs Back Above $50K for First Time in Six Days

Bitcoin (BTC) is trading around $49,444 as of 12:37 UTC (7:37 p.m. ET) and cooling slightly, having risen to a 24 hour high above $50,200. The price has gained 6.8% over the previous 24 hours. Bitcoin’s 24-hour range: $45,741.74-$50,213.03 (CoinDesk 20). BTC is trading above its 100-hour and 200-hour averages on the hourly chart, a bullish signal for market technicians.

The push past $50,000 came as the Chicago Board Options Exchange’s announced an official filing to list shares of VanEck’s BTC exchange-traded fund. Trading volume was strong on Monday, as bitcoin’s price rose 9.7%, the most in three weeks, according to data from the Bitstamp exchange.

“We have seen an increase in cryptocurrency offerings from the largest investment banks including bitcoin research, custody, trading, and prime brokerage,” said Kyle Davies, co-founder of Three Arrows Capital. “I expect these offerings to grow as global investment banks embrace cryptocurrencies.”

Bitcoin Briefly Climbs Back Above $50K for First Time in Six Days, CoinDesk, Mar 2

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