Bitcoin is expected to gain 11% this week after breaking above $48,000 for the first time since the ETF rally

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Bitcoin (BTC-USD) is on track for a weekly release Gain of ~11%, the highest values ​​in almost a month, amid renewed concerns about the health of regional banks.

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“Talks of a banking crisis and positive government data on inflation were the main drivers of the rise,” said Dan Raju, CEO of brokerage firm Tradier.

Bitcoin (BTC-USD) broke $48,000 for the first time in a month on Friday, which also sent cryptocurrency-related stocks higher. While the top cryptocurrency saw subdued trading last week, it recovered in the week ending February 9 and traded in the $42,000 to $48,000 range.

Spot Bitcoin ETFs (BTC-USD) also saw consistent inflows, recording their third-largest inflow of $403 million on February 8, Coin Telegraph reported. Total ETF inflows have already exceeded $2.1 billion since their launch last month.

“This time, Bitcoin (BTC-USD) price action looks stronger ahead of the halving and is likely to gain momentum for the rest of the year in our view,” said Bernstein analyst Gautam Chhugani. He recommended buying crypto mining stocks, with his top picks being Riot Platforms (RIOT) and CleanSpark (CLSK).

Remarkable news

• Crypto custody and trading platform Bakkt (BKKT) said on Thursday there are “significant doubts” about its ability to continue operating next year without raising capital.
• CleanSpark (CLSK) reported an unexpected quarterly profit on Thursday as its Bitcoin (BTC-USD) mining revenue rose 166% year-over-year thanks to a rally in BTC prices.
• Crypto exchange Binance will delist privacy coin Monero (XMR-USD) on February 20, causing the token to fall 28.2% on Tuesday. There are also plans to delist the Aragon (ANT-USD), Multichain (MULTI-USD) and Vai (VAI-USD) tokens.
• Former President Donald Trump, who personally owns investments in cryptocurrencies, said central bank digital currencies (CBDCs) could be a “very dangerous thing.”
• Bitcoin (BTC-USD) miners reported their January production this week, with Marathon Digital (MARA) up 42% MoM, Riot (RIOT) up 16% MoM, and CleanSpark (CLSK) up 19% MoM. /M fell 86% and Argo Blockchain (OTCPK:ARBKF) fell 20% month-over-month.

Bitcoin and Ether prices

Bitcoin (BTC USD) increased by ~4.26% at 4:36 a.m. to $47.4k At 5:00 p.m. ET on Friday, Ether (ETH-USD) was slightly higher ~2.50% to $2.5k.

SA contributor WisdomTree believes there are several signals, including volatility, that suggest Bitcoin (BTC-USD) is maturing as an asset class.

“The fact that spot Bitcoin (BTC-USD) exposure is available in the ETF structure was an important milestone, but it was just one of many signals indicating that Bitcoin is on the rise as an asset class maturity.”

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