Bitcoin Soars Past $42k in a Five-Day High Rally

By: Eva Baxter

On January 26, Bitcoin experienced a significant increase, breaking past the $42,000 mark, a five-day high. This surge is reportedly influenced by substantial spot Bitcoin exchange-traded funds (ETFs) flows combined with a positive upgrade to Coinbase's stock rating.

At 8:05 pm UTC on Jan 26, Bitcoin was valued at $42,040.36, marking a rise of 5.3% over 24 hours. This surge gave the cryptocurrency a market cap of $824.4 billion. During this period, the crypto market as a whole was up by 4.6%.

Several factors might have contributed to Bitcoin's price ascension. Among these are the slowing outflows from Grayscale's GBTC ETF, and notable inflows into other funds like BlackRock's iShares Bitcoin Trust (IBIT) which recently crossed $2 billion in total inflows. Such inflows have helped to take Bitcoin off the market, potentially aiding its price increase.

Further bolstering this upward trend, Coinbase's stock rating was recently upgraded by Oppenheimer & Co, a development that could also influence crypto prices.