Bitcoin has marched higher to the end of the week, with its price breaching the $47,000 thousand level for the first time in almost two years.
On Friday the flagship crypto-currency rose more than 4% to 47 thousand dollars according to Coin Metrics, a level not seen since March 2022. Ether advanced 3% to 2 thousand dollars.
Bitcoin trading volume and sentiment have been suppressed over the past two weeks as investors worried about big outflows from the Grayscale Bitcoin ETF and a deeper pullback in its price ahead of an expected rip higher this year. Nevertheless, Bitcoin is now up 10% for the week, while Ether is on track for a 9% gain.
Positive sentiment appears to be returning now as the GBTC outflows have slowed.
By Opeoluwa Michael Ayobami