Bitcoin tops $50,000 level for first time since mid-May

Bitcoin which is one of the most popular digital currency has hit a record of almost USD 65,000 in April

The cryptocurrency Bitcoin has topped the closely watched USD 50,000 level again in an ongoing recovery in the crypto market from a chaotic rout just three months ago.

 

The largest digital coin advanced as much as 3.5 percent to almost USD 50,093 in Asian trading, with other tokens Ether and Cardano's ADA also surging. Bitcoin was last above USD 50,000 in mid-May.

 

The come back has excited animal spirits again among the crypto faithful, putting longer term predictions of USD 100,000 or more for Bitcoin back in vogue. Others see the dicey and turbulent asset carving out a wider trading range for now.

 

Chief Executive Officer at Bensignor Investment Strategies, Rick Bensignor wrote in a note that bitcoin is "getting nearer the higher end of what I expect as a new trading range in the low-$40,000s to low-$50,000s."

 

Bitcoin which is one of the most popular digital currency has hit a record of almost USD 65,000 in April, pushed higher by a tide of liquidity, fast-money bets and optimism about growing demand from institutional investors.

 

But more critical commentary later unfolded which includes about the environmental cost of the energy consumed by the computers that braces Bitcoin.

 

An intensifying cryptocurrency crackdown in China also acerb the mood. Bitcoin down below USD 30,000 after May's rout.

 

The retrieval since then has seen the value of more than 9,000 digital tokens tracked by CoinGecko reach about USD 2.2 trillion from USD 1.2 trillion a month ago.

India Scanner News Network

Leave a comment