Daily Times

The cryptocurrency market turned bullish on Friday amid growing anticipation surrounding the forthcoming Bitcoin halving event slated for April, with the market capitalization gaining 4.7 percent to reach $1.87 trillion. As of 1340 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, surged to $47,442 with an increase of 6.1 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $928.7 billion with this increase. Bitcoin has been 10.1 percent up in the past seven days. In a notable surge, Bitcoin surpassed the $47,000 mark. This surge is attributed to steady capital inflows into various United States funds dedicated to cryptocurrency, alongside growing anticipation surrounding the forthcoming halving event slated for April. The market witnessed the debut of nine US spot Bitcoin exchange-traded funds (ETFs) on January 11, alongside the transformation of the long-standing Grayscale Bitcoin Trust into an ETF on the same day. This shift towards ETFs is anticipated to diversify Bitcoin’s investor base. The newly introduced funds have collectively attracted approximately $8 billion in net capital, while the outflow from the Grayscale fund, totalling $6 billion since its conversion, appears to be stabilising.