Bitcoin (BTC) price tops $50,000 hitting a more than 3-month high

Bitcoin (BTC) price tops $50,000 hitting a more than 3-month high...
cnbc.com 23/08/2021 Economy

Keywords:#Ayyar, #BTC, #Bitcoin, #Chinese, #Cnbc.com, #Ether, #Ethereum

Published Sun, Aug 22 202110:57 PM EDT
Arjun Kharpal
@ArjunKharpal
Bitcoin hit $50,000 on Sunday, reaching a more than 3-month high, as the cryptocurrency continues to rebound.
Bitcoin hit an all-time high over $64,000 in April but sold off heavily in June and July, even dipping below $30,000. But since mid-July, bitcoin has been on a steady rise.
Meanwhile, other digital coins were also higher. Ether was trading up around 1.2% at $3,279.71.
Bitcoin hit $50,000 on Sunday to reach a more than 3-month high, as the cryptocurrency continues to rebound.
The digital coin rose above that level around 10:40 p.m. ET on Sunday, according to data from CoinDesk.
Bitcoin hit an all-time high over $64,000 in April but sold off heavily in June and July, even dipping below $30,000. One of the major reasons was renewed regulatory scrutiny from Chinese authorities which has forced bitcoin mining operations to shut down and move elsewhere.
But since mid-July, bitcoin has been on a steady rise.
In the last few days, two key announcements have been positive for the cryptocurrency space. Last week, Coinbase said it would buy $500 million in crypto on its balance sheet and allocate 10% of profits into a crypto assets portfolio.
On Monday, PayPal said it would launch its service to let people buy, hold and sell digital currencies, in the U.K.
Meanwhile, other digital coins were also higher. Ether was trading up about 2% at $3,302.59. Ethereum, the blockchain network powered by ether, activated a key upgrade earlier this month, which helped lift the price.
Vijay Ayyar, head of business development at cryptocurrency exchange Luno, said there was a lot of buying around the $29,000 to $30,000 level when bitcoin was roughly at a 50% discount to April’s all-time high.
“Lots of large players took advantage of those prices,” Ayyar said, adding that bitcoin could move “to test all-time highs again.”
The value of the entire cryptocurrency market stood above $2.14 trillion on Sunday, according to data from Coinmarketcap.

---Bitcoin hit $50,000 on Sunday, hitting a more than 3-month high, as the cryptocurrency continues to rebound. ---
...

Read more from Source »

Related articles based on keyword density
China's Bitcoin Miner Exodus ...
cnbc.com 16/06/2021 Economy
China is kicking out more than half the world’s bitcoin miners – and a whole lot of them could be headed to Texas Published Tue, Jun 15 20212:12 PM ED...View Details»

Investors vie for toeholds in Iran's exploding market...
cnbc.com 17/05/2016 Economy
By Elizabeth MacBride, special to CNBC.com Thursday, 10 Mar 2016 | 9:29 AM ETCNBC.com SHARES Foreign investors are rushing to cash in on a bonanza in...View Details»

Bitcoin surpasses $60,000 in record high as rally accelerates...
cnbc.com 13/03/2021 Economy
Emma Newburger Key Points Bitcoin, the world’s biggest cryptocurrency, was at $60,415.34 as of 7:25 a.m. ET, according to Coinbase. The digita...View Details»

Bitcoin: Merging with the mainstream? — RT Op-Edge...
rt.com 13/11/2013 Economy
Patrick L Young is expert in global financial markets working in multiple disciplines, ranging from trading independently to running exchanges. At fi...View Details»

Iran Could Become First Country Forced to Use Bitcoin ...
bitcoinist.com 12/07/2018 Internet-IT
Allen Scott · @bitcoinister | Jul 11, 2018 | 19:00 The significance of Bitcoin as a borderless and neutral money is becoming increasingly apparent as ...View Details»


EOF