The value of the Bitcoin cryptocurrency exceeded $ 50,000 on October 5 for the first time since September 7. Over the past day, the price has increased by 5%, over the week — by 18%, respectively. This is evidenced by the data of the CoinDesk exchange.
As of 16:20 Kyiv time, bitcoin rose to $ 50,080 per coin.
Bitcoin price surpasses $ 50,000 again
Bitcoin hit the $ 50,000 mark several times in early September. The cryptocurrency fell on September 7 amid a broader sell-off in cryptocurrency and blockchain-related companies. In September, it continued to fall, reaching a low of $ 40,596 on September 21.
Bitcoin has recorded capital inflows for the third week in a row, writes Reuters.
«We believe this drastic change in sentiment is due to growing investor confidence in this asset class and more flexible statements from the US Securities and Exchange Commission and the Federal Reserve,» said James Butterfill, investment strategist at CoinShares.
Also, Fed Chairman Jerome Powell, in his speech to Congress, said that the Fed does not intend to ban cryptocurrencies.
Bitcoin is known for its volatility. In 2020, it grew by more than 300%. And at the end of July, senior commodity strategist for Bloomberg Intelligence Mike McGlone said that the price of bitcoin would return to the $ 60,000 mark faster than fall to $ 20,000. At the end of March, he predicted the growth of the first cryptocurrency rate to $ 400,000. the world by the percentage of the population that owned cryptocurrency in 2020.