Bitcoin Seen Topping $50K This Weekend

February 11, 2024 | by


Bitcoin (BTC) has shown remarkable resilience and continues to display impressive price growth, with analysts predicting that it could surpass the $50,000 mark over the weekend. As the Chinese new year of the dragon, considered an auspicious time by the Chinese Zodiac, got underway, Bitcoin climbed to a one-month high of $47,000. The similarity of the Mandarin Chinese word for “dragon” to the word for “long” enhances the memetic value of Bitcoin among crypto traders. This bullish sentiment, combined with the anticipation of the upcoming halving in April, has fueled predictions of further price increases. In addition, cryptocurrency-related publicly traded companies have experienced significant gains, with mining stocks being recommended as an entry point for investors seeking exposure to Bitcoin. However, a recent survey conducted by JPMorgan suggests that institutional traders may not be as enthusiastic about trading cryptocurrencies or adopting blockchain technology in the near future. This article analyzes the latest price movements in the crypto market and explores various factors influencing Bitcoin’s current trajectory.

Bitcoin’s recent rise in price

Bitcoin (BTC) has experienced a notable increase in price in recent days, reaching a one-month high and surpassing the $47,000 mark. This rise is attributed to positive market momentum, as indicated by the CoinDesk 20 Index (CD20), which tracks the performance of the largest cryptocurrencies. In addition to the overall market conditions, there are other factors at play that have contributed to Bitcoin’s upward movement.

Chinese New Year and its impact on Bitcoin

One significant event that has influenced Bitcoin’s price surge is the Chinese New Year. This annual festival is celebrated in East Asia and is considered one of the luckiest periods according to the Chinese Zodiac. In Mandarin Chinese, the word for dragon is pronounced similarly to “long,” which has added memetic value among crypto traders. The belief in luck associated with the Chinese New Year has created a favorable environment for Bitcoin trading and investment.

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Belief in luck and its relation to cryptocurrency trading

The relationship between belief in luck and cryptocurrency trading is an interesting phenomenon. Many traders and investors view luck as a factor that can influence market outcomes. This belief can be seen in the increased interest and activity around Bitcoin during auspicious periods like the Chinese New Year. While luck is often considered a subjective and intangible concept, it can have tangible effects on market sentiment and behavior.

Analysts’ predictions for Bitcoin’s price over the weekend

Given the positive market momentum and the influence of the Chinese New Year, analysts have made predictions about Bitcoin’s price over the weekend. Some experts foresee Bitcoin rising to $50,000, while others have expressed even more optimistic outlooks, suggesting that it might reach $53,000 to $55,000 before the cryptocurrency’s halving event in April. These predictions are based on the current market trends and the factors that are driving Bitcoin’s ascent.

Pre-market trading gains for cryptocurrency-related companies

The recent rally in Bitcoin’s price has had a positive impact on publicly traded companies that are involved in the cryptocurrency industry. In pre-market trading, these companies have shown healthy gains. CleanSpark (CLSK), a Bitcoin mining company, led the way with a nearly 20% increase. The company recently reported a significant profit in its fiscal first-quarter earnings. Other cryptocurrency mining stocks, such as Riot Platforms (RIOT) and Marathon Digital Holdings (MARA), also experienced notable rallies, adding 7% and 8%, respectively.

Bitcoin miner CleanSpark leads the gains

CleanSpark, a Bitcoin mining company, has emerged as a frontrunner in the recent market gains. The company’s stock price surged by almost 20% in pre-market trading. CleanSpark’s impressive performance can be attributed to its strong financial results in the fiscal first quarter. The company reported a profit of $25.9 million, a significant improvement compared to the previous year’s loss of $29 million. CleanSpark’s success highlights the profitability of Bitcoin mining and its potential as an investment opportunity.

Bernstein recommends mining stocks as an entry point for Bitcoin exposure

According to the prominent brokerage firm Bernstein, investing in mining stocks is a recommended entry point for gaining exposure to Bitcoin. Bernstein advises investors to consider stocks like CleanSpark and Riot Platforms as preferred options for Bitcoin-related investments. They believe that mining companies offer a unique avenue for capitalizing on the forthcoming halving event. The halving event, which occurs when the reward for miners is cut in half, is expected to drive further price appreciation in Bitcoin.

JPMorgan survey on institutional traders’ plans for cryptocurrencies

A recent survey conducted by JPMorgan revealed that a significant percentage of institutional traders do not have immediate plans to trade cryptocurrencies. The survey found that 78% of the participants do not intend to engage in cryptocurrency trading within the next five years. This data indicates a lack of interest in cryptocurrencies among institutional traders, suggesting that there may be hesitancy or skepticism regarding the long-term potential of this asset class.

Lack of interest in trading cryptocurrencies

The JPMorgan survey’s findings reflect a lack of enthusiasm among institutional traders when it comes to trading cryptocurrencies. This sentiment can be attributed to various factors, including regulatory uncertainties, price volatility, and concerns about market manipulation. While retail investors and some institutional players have embraced cryptocurrencies, the survey reveals that a significant portion of institutional traders remains cautious or uninterested in this emerging asset class.

Views on blockchain technology in shaping the future of trading

In addition to assessing institutional traders’ plans for cryptocurrencies, the JPMorgan survey also explored views on blockchain technology. Interestingly, the survey revealed that only a small group of participants considered blockchain or distributed ledger technology (DLT) as the most influential technology in shaping the future of trading over the next three years. This finding suggests that institutional traders may have differing perspectives on the potential impact of blockchain technology on the financial industry.

Bitcoin Miner Shares Offer Good Entry Point Ahead of Halving Event: Bernstein

As the Bitcoin halving event approaches, financial services firm Bernstein recommends investing in Bitcoin miner shares as a favorable entry point. The halving event, which reduces the mining reward by 50%, is expected to lead to increased scarcity and potentially drive up the price of Bitcoin. Bernstein specifically highlights CleanSpark and Riot Platforms as mining stocks with strong potential for investment. These companies have demonstrated positive financial performance and are well-positioned to benefit from the anticipated market conditions surrounding the halving event.

Bitcoin ETFs (Ex-GBTC) Now Hold More BTC Than MicroStrategy

Bitcoin exchange-traded funds (ETFs), excluding Grayscale Bitcoin Trust (GBTC), currently hold more Bitcoin than MicroStrategy, a prominent institutional Bitcoin holder. This development highlights the growing popularity and adoption of Bitcoin ETFs as investment vehicles. ETFs provide a convenient and regulated way for investors to gain exposure to Bitcoin without directly holding the cryptocurrency. The increasing amount of Bitcoin held by ETFs is indicative of the growing institutional interest in the digital asset.

CoinDesk’s New Owner Bullish Replaces CEO in Restructuring

CoinDesk, a leading news and information source on cryptocurrency, has undergone a restructuring following its acquisition by Bullish, a regulated digital assets exchange. As part of the restructuring, Bullish has replaced CoinDesk’s CEO with a new executive. This move aims to align CoinDesk with Bullish’s strategic objectives and enhance the publication’s operations and offerings. Despite the change in leadership, CoinDesk maintains its commitment to journalistic integrity and editorial standards.

CoinDesk’s journalistic integrity and editorial standards

CoinDesk, a trusted source of news and information on cryptocurrency, upholds high standards of journalistic integrity and editorial quality. The publication strives to deliver accurate, objective, and unbiased reporting, providing readers with valuable insights and analysis. CoinDesk adheres to a strict set of editorial policies to ensure fairness, transparency, and accountability in its reporting. As an independent subsidiary of Bullish, CoinDesk retains its autonomy and maintains its commitment to upholding journalistic standards.

CoinDesk’s acquisition by Bullish group

In November 2023, CoinDesk was acquired by Bullish, a regulated and institutional digital asset exchange. Bullish is majority owned by, a prominent player in the blockchain and digital asset space. The acquisition of CoinDesk by Bullish reflects the growing interest and investment in the digital asset industry. Under the ownership of Bullish, CoinDesk aims to continue delivering timely and accurate news and information on cryptocurrency, ensuring its readers have access to high-quality content.


Formation of an editorial committee to support journalistic integrity

To further enhance its commitment to journalistic integrity, CoinDesk has formed an editorial committee. This committee, chaired by a former editor-in-chief of The Wall Street Journal, will provide oversight and guidance to ensure that CoinDesk’s reporting upholds the highest standards of quality and ethics. The committee’s formation demonstrates CoinDesk’s proactive approach to maintaining its independence and preserving the trust of its readers. Through the collective expertise and experience of the committee members, CoinDesk aims to continue delivering reliable and unbiased reporting.

Introduction to the author – Lyllah Ledesma

Lyllah Ledesma is a talented journalist and serves as a CoinDesk Markets reporter based in Europe. With her expertise in cryptocurrency and digital assets, she provides valuable insights and analysis on market trends and developments. Ledesma’s reports are focused on delivering accurate and timely information to readers, ensuring they stay informed about the latest news in the cryptocurrency industry.

CoinDesk Markets reporter based in Europe

As a CoinDesk Markets reporter based in Europe, Lyllah Ledesma plays a crucial role in covering the cryptocurrency market in the region. Her coverage includes tracking market trends, analyzing price movements, and reporting on key developments that impact the European cryptocurrency landscape. Ledesma’s reports provide readers with valuable insights into the European market and help them make informed decisions regarding their cryptocurrency investments.

Author’s cryptocurrency holdings

As a prominent journalist covering the cryptocurrency industry, Lyllah Ledesma has a personal involvement in the field. She holds various cryptocurrencies, including Bitcoin (BTC), Ether, and other crypto assets. Ledesma’s personal exposure to the cryptocurrency market gives her a unique perspective and deep understanding of the industry, allowing her to provide readers with well-informed analysis and insights.

Introduction to Consensus 2024 event

Consensus 2024 is one of the most influential events in the cryptocurrency industry, bringing together all sides of crypto, blockchain, and Web3. The event, which will be held in Austin, Texas from May 29-31, 2024, serves as a global hub for cryptocurrency enthusiasts, blockchain experts, and industry leaders. Consensus 2024 offers a platform for networking, learning, and discussing the latest trends and developments in the crypto world.

Bringing together all sides of crypto, blockchain, and Web3

Consensus 2024 aims to create a comprehensive platform that brings together all sides of the crypto, blockchain, and Web3 ecosystem. The event will feature discussions, panels, and presentations from industry experts, thought leaders, and innovators. Attendees will have the opportunity to engage with key players in the cryptocurrency space, gaining valuable insights and building connections within the industry.

Registration and pass purchasing information

To attend Consensus 2024, interested individuals can register and purchase passes through the event’s official website. The registration process is simple and straightforward, allowing attendees to secure their spots for the event. Early registration is encouraged as prices for passes may increase closer to the event date. Detailed information on registration, pricing, and pass options can be found on the official Consensus 2024 website.

CoinDesk’s role as a leading news and information source on cryptocurrency

CoinDesk has established itself as a leading news and information source on cryptocurrency, digital assets, and the future of money. With its commitment to journalistic integrity and high editorial standards, CoinDesk provides readers with reliable and insightful reporting. The publication covers a wide range of topics, including market trends, regulatory developments, technological advancements, and industry updates. CoinDesk’s comprehensive coverage makes it a trusted resource for individuals seeking accurate information and analysis in the cryptocurrency space.

Ownership and acquisition details

In November 2023, CoinDesk was acquired by Bullish group, the owner of Bullish, a regulated institutional digital assets exchange. Bullish group is majority owned by, a prominent company with diverse interests in blockchain and digital asset businesses. The acquisition of CoinDesk by Bullish group reflects the growing investment and consolidation within the cryptocurrency industry. CoinDesk continues to operate as an independent subsidiary under Bullish’s ownership, ensuring its commitment to delivering high-quality journalism and unbiased reporting.

Commitment to journalistic integrity

CoinDesk maintains a steadfast commitment to journalistic integrity, ensuring that its reporting adheres to the highest standards of accuracy, fairness, and transparency. The publication follows a strict set of editorial policies that guide its reporting practices and enforce ethical conduct. CoinDesk’s commitment to journalistic integrity is reinforced by its acquisition by Bullish group, which supports the formation of an editorial committee to provide oversight and ensure the preservation of unbiased reporting.

Contact information for CoinDesk

For individuals seeking to contact CoinDesk, the publication provides various channels of communication. Contact information can be found on the CoinDesk website, including email addresses, phone numbers, and physical addresses. CoinDesk welcomes feedback, inquiries, and collaboration opportunities from readers, industry professionals, and stakeholders in the cryptocurrency community.

Advertising and accessibility options

CoinDesk offers advertising opportunities for businesses and organizations looking to reach its audience of cryptocurrency enthusiasts, traders, and investors. Advertising packages and options can be customized to suit specific marketing goals and objectives. In addition to advertising, CoinDesk is committed to accessibility and ensuring that its content is available to a wide range of audiences. The publication strives to meet accessibility standards, making its website and content accessible to individuals with disabilities.

Privacy policy, terms of use, and cookie consent updates

CoinDesk values user privacy and provides comprehensive privacy policies, terms of use, and cookie consent updates. These documents outline CoinDesk’s commitment to protecting user data, the terms and conditions of website usage, and the use of cookies to enhance user experience. Users are encouraged to review these policies regularly to stay informed about CoinDesk’s data practices and understand their rights and responsibilities when using the publication’s services.


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