Bitcoin touches $50,000 for the first time since May 

Follow us on Google News:
 Bitcoin touches $50,000 for the first time since May 
Image source: Wit Olszewski, Shutterstock.com

Highlights 

  • Bitcoin touched the $50,000 mark for the first time since May
  • The leading cryptocurrency was up by 2.47% and was trading at $50,311.40, according to CoinMarketCap. 
  • After it reached the record-high $65,000 in mid-April, it had plunged to as low as $29000 in June.

The leading cryptocurrency, Bitcoin, is back in action now. After breaching the psychological barrier of $50,000, Bitcoin was trading at $50,311.40 on Monday. This was its highest rally since mid-May and was up by 2.47% at the time of writing (BST 6:15 am) as per CoinMarketCap. Bitcoin as per CoinMarketCap was trading at a volume of US $29,67,31,23,807 with a live market cap of US $9,45,72,39,93,024. Bitcoin has been trading well over $40,000 in the past few days now. After it reached the record-high of US $65,000 in mid-April, earlier this year, it plunged to as low as US $29,000. 

Also Read: How high can bitcoin go as Wells Fargo, JP Morgan push for Bitcoin fund

Crypto Market Cap sees an increase

The rally seen in recent months by the crypto market has boosted the cryptocurrency market cap as well. As per CoinGencko, the total market cap of cryptocurrencies was up by 1.1% and was at US $2.17 trillion on Sunday. This is largely due to the rally that we have seen in the past seven days by significant cryptocurrencies such as Bitcoin, which registered a 5.69% gain in the past seven days, along with Cardano, which registered 31% gain in the seven-day period along with Solana prices which registered again by 15.31% as per CoinMarketCap. 

Strong recovery despite crypto regulations looming large 

This has been an incredible run since the leading cryptocurrency saw a lull period in May following Elon Musk tweet, Delta Virus scare and China’s crackdown on cryptocurrencies. However, ever since high-profile investors, including Twitter founder Jack Dorsey, flagged his interest in the leading coin and the fact that Musk himself holds few Bitcoins, the interest seems to have come back amongst the investors. 

Many believe this bull will last that by the end of the year, we could see Bitcoin price hit the US $100,000 mark. Despite the calls for crypto regulations, the moods amongst the investors, especially the instructional investors, seem to be upbeat. 

The U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler had called the space a “Wild West.” Gensler believed that investors rights need to be protected, and there is a need for a regulatory framework required for the same.

Conclusion

The upcoming days will be crucial for Bitcoin and the cryptocurrency market overall. Investors, traders, and market participants will hope that this bull run continues and strengthens from here on. But the market will also be wary of issues such as the US Federal Reserve meetings at the end of this month, and the Federal Open Market Committee meeting in September may impact the market. But for now, the bullish run has given the confidence to the market has managed to pull itself out of the bear run.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK