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Bitcoin Tops $57K as Rally Picks Up Steam
The spot ETFs posted record volumes on Monday as bitcoin gained 6% during U.S. trading hours.
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Following sizable gains during the U.S. day on Monday, bitcoin
pushed through several additional round number milestones during early Tuesday morning Asia hours, the price topping $57,000 for the first time since November 2021.At press time, bitcoin had pulled back a hair to $56,500, still ahead more than 9% over the past 24 hours. The broader CoinDesk 20 Index (CD20) was ahead 8.9% over the same time frame.
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The rally began Monday morning in the U.S., with bitcoin taking out $53,000, also for the first time since November 2021. The price rose above $54,000 later in the day. During the U.S. evening/early Asia morning, things got very active again, with bitcoin taking out the $55,000, $56,000 and $57,000 levels in the space of a few minutes.
The move higher in bitcoin earlier Monday spurred sizable activity in the U.S.-based spot bitcoin ETFs, with the group (ex-Grayscale's GBTC) posting a record-high $2.4 billion in trading volume on Monday, according to Bloomberg.
As for GBTC, it saw its smallest one-day outflow of bitcoin since the Jan. 11 launch of the spot ETFs, the fund shedding just 921 tokens.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
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