“Bitcoin Hits $50,000: A Two-Year Milestone”

Bitcoin surged to $50,000 on Monday, reaching a level not seen since December 28, 2021. Despite disappointment from the BTC community over a Super Bowl commercial absence, Jack Dorsey, Twitter’s founder, sported a “Satoshi” T-shirt, affirming his support for Bitcoin. Optimism surrounds the upcoming BTC halving, expected around April 24, with roughly 10,000 blocks remaining until the event. Spot BTC exchange-traded funds (ETFs) are driving market momentum, breaking a 30-year record in assets under management (AUM) within the first month of trading. VC investor Anthony Pompliano highlighted the success of spot BTC ETFs, outperforming all other ETF launches in the past 30 years. Notably, no previous ETFs have gathered $3 billion in inflows within their first month of trading.Wall Street’s interest in Bitcoin is evident, with data showing significant daily purchases, surpassing the network’s production capacity by 12.5 times. This heightened demand is contributing to the price surge. Economist Peter Schiff, however, warns of a potential pump-and-dump scheme with BTC and spot ETFs, predicting a “massacre” once the hype from the Super Bowl and Valentine’s celebrations fades. Amid the price surge, nearly $116 million in short positions have been liquidated, compared to almost $57 million in long positions.https://twitter.com/PeterSchiff/status/1757107639119458428?t=UqmmOFs2G6yfWPZoshIJJw&s=19