• Sunday, Jun 26, 2022
  • Last Update : 04:24 pm

Bitcoin price rises past $50,000 as rebound continues

  • Published at 07:02 pm August 23rd, 2021
bitcoin
Representations of cryptocurrency Bitcoin are seen in this picture illustration taken June 7, 2021 Reuters

Bitcoin has risen 81% since hitting a yearly low of $27,700 in January

Bitcoin's price surged past $50,000 on Monday for the first time since May, continuing its rebound from a months-long slump.

The world's largest cryptocurrency rose to $50,341, as investors bet that the prospect of more US stimulus spending would lead to further gains, and more mainstream financial services firms made moves in the nascent asset class.

Bitcoin has risen 81% since hitting a yearly low of $27,700 in January.

Meanwhile, the price of rival cryptocurrency ether rose 2.8% to $3,337. The virtual coin has risen 91% since slumping to below $1,740 last month.

The cryptocurrency recovery comes as some more established financial services companies offer their customers access to virtual coins. PayPal Holdings Inc said on Monday it would allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week. read more

Some traders believe the bitcoin market has yet to see the full return of retail investors, suggesting the current upswing could have further to go.

"The last time bitcoin was at $50,000, the Google trends (tracking website showing Bitcoin searches) was much higher than what it is now," Marcus Sotiriou, a sales trader at the UK based digital asset broker GlobalBlock, said in a note.

"This suggests that retail euphoria hasn't entered the market yet and bitcoin has a long way to go in this market cycle."

50
Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail