Bitcoin surpassed the $50,000 mark on Monday for the first time in more than two years. The cryptocurrency benefited from the return of the positive effect of the launch of a new investment product, a bitcoin index fund (ETF) An existing fund belonging to asset manager Grayscale, which had more than $28 billion in assets before the SEC green light, was notably converted into an ETF.
However, wishing to cash in their winnings, some clients of the Graycale fund decided to withdraw several billion dollars, briefly causing the value of bitcoin to fall.