Posted 2/12/2024, 5:36:00 AM
Bitcoin Jumps 13% to $48K as Tech Boom Lifts Crypto and Stocks to New Highs
- Bitcoin saw its biggest weekly gain since October, surging over 13% to $48,300
- The rally in crypto markets aligns with the continued boom in AI and tech stocks, with the S&P 500 topping 5K
- Inflows into Bitcoin spot ETFs likely fueled Bitcoin's price rise, with over $400M entering on Thursday
- The S&P's risk premium has dropped to the lowest since 2003, indicating stocks are expensive and sentiment is risk-on
- Some experts say the investor appetite for high-growth tech and AI bodes well for the crypto market's continued momentum