According to CoinMarketCap data, Bitcoin has surged past the $50,000 mark today, reaching this milestone for the first time since December 2021.
The breakthrough marks a significant recovery for Bitcoin, which faced massive volatility and fluctuations over the last couple years, reaching lows of around $16,000.
This year's upward price movement has been mainly fueled by spot Bitcoin ETF demand, which is seeing adoption by mainstream financial institutions and increasing retail investor participation. Also, with the halving event quickly approaching for Bitcoin, market participants have been vocal about eagerly buying up BTC before the mining reward gets cut in half, which is expected to create a supply shock later in the year.
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