Bitcoin reclaims US$50,000-mark after plunging to lowest in two months

2 min read | April 26, 2021 02:34 PM AEST | By Furquan Moharkan

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Bitcoin reclaims US$50,000-mark after plunging to lowest in two months — Image source: Representative Image. © Aoutphoto | Megapixl.com

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Summary

Bitcoin plunges to lowest in two months, before bouncing back to reclaim US$50k-mark

Bitcoin’s market value is pegged at US$977.84 billion, currently

Most other cryptocurrencies are also trading in green

Bitcoin, the world’s largest cryptocurrency, plunged to a two-month low on Monday, before rallying to reclaim the psychological mark of US$50,000.

The digital asset plunged to as low as US$47,272.52 in early morning, however, it recouped its losses and went on to breach the US$50,000-mark. At the time of filing this story, the cryptocurrency was trading at US$52,288.66, as it was nearing to reclaim the US$1 trillion-mark in market capitalisation.

The market value of Bitcoin, right now, stands at US$977.84 billion, according to CoinDesk.

At the time of filing this copy, most of the other cryptocurrencies, as well, were trading in green, with Cosmos leading the pack – up 8.38%.

Last week, Bitcoin had fallen below its 100-day moving average for the first time in over six months, as global investment bank JPMorgan Chase & Co. had warned that its upward rally since March could be at risk.

Also Read: Why are cryptocurrencies tumbling after stellar run last week?

The digital asset, on April 14, had claimed its historic high of US$64,870, before heading southwards. After collapse of couple of cryptocurrencies last week, the debate over the bubble in the digital assets has heated up – thereby, taking the sheen away from them as an attractive asset class.

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