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Bitcoin Surpases $50,000 In Intra-Day Trading For First Time Since May

Bitcoin Surpases $50,000 In Intra-Day Trading For First Time Since May

NDTV
Monday, August 23, 2021 3:47 AM GMT

Bitcoin, the largest virtual coin advanced as much as 3.5 per cent to almost $50,093 in Asian trading on Monday, with other tokens including Ether and Cardano's ADA also rising

Bitcoin topped the closely watched $50,000 level again in an ongoing recovery in the cryptocurrency market from a disorderly rout just three months ago. The largest virtual coin advanced as much as 3.5 per cent to almost $50,093 in Asian trading on Monday, with other tokens including Ether and Cardano's ADA also rising. Bitcoin was last above $50,000 in mid-May. The revival in virtual currencies has excited animal spirits again among the crypto faithful, putting longer term predictions of $100,000 or more for Bitcoin back in vogue. Others see the speculative, volatile asset carving out a wider trading range for now. 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," Rick Bensignor, chief executive officer at Bensignor Investment Strategies, wrote in a note Monday. Bitcoin hit a record of almost $65,000 in April, driven higher by a tide of liquidity, fast-money bets and optimism about growing demand from institutional investors.
Read full story on NDTV
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