Bitcoin Tops $50,000, Reaching A More Than 3-Month High

By
Mike Trout
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Bitcoin has done it. It has actually hit $50,000 on Sunday. Now it has reached up to reach a more than 3-month high. This is like a rebound and as the cryptocurrency continues to rebound, they will be playing an important role in all of this matter at hand.

The digital coin has actually given up a new boost. It has risen above that level around 10:40 p.m. ET on Sunday. This info or value has been provided from a valuable source. It is actually given according to data from CoinDesk. The bitcoin cryptocurrency has been trading at around $50,263 on the time of 6:20 a.m. ET on Monday.

Bitcoin Tops $50,000, Reaching A More Than 3-Month High

Bitcoin did in fact hit an all-time high of over $64,000 in April. However that did not last and the cryptocurrency not did any good but sold off heavily in June and July, at a time it even happened such that the value even dipping below $30,000. One of the major reasons why the bitcoin cryptocurrency Industry has been down in the dumps for some period of time was because it has been renewed regulatory scrutiny from Chinese authorities.

This is the reason that indeed had forced bitcoin mining operations to shut down. And moreover, the bitcoin miners even had to move from China and leave the country in order to survive. The great exodus was what it has been termed.

But since the period of mid-July, bitcoin has been on a steady rise once again after some initial problems that they have taken to face by themselves.

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In the last few days, there had been a change in the cryptocurrency market and we are seeing the results now indeed. In fact, the change has been positive for the cryptocurrency space. Coinbase has announced that it would buy $500 million in crypto to put out on the fact that it will be on its balance sheet and they will also allocate 10% of profits into a crypto assets portfolio. This announcement was made last week only.

“Lots of large players took advantage of those prices,” Ayyar said, adding that bitcoin could move “to test all-time highs again.”