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Business News/ Markets / Cryptocurrency/  Bitcoin price hits $50,000 for first time in a month

Bitcoin price hits $50,000 for first time in a month

Bitcoin had fallen below the level on September 7 after El Salvador became the first country to adopt Bitcoin as legal tender as the rollout stumbled in its first hours

cryptocurrencies Bitcoin and Ethereum representations placed on PC motherboard in this illustration (REUTERS)Premium
cryptocurrencies Bitcoin and Ethereum representations placed on PC motherboard in this illustration (REUTERS)

Bitcoin price today surged above the $50,000 mark for the first time in four weeks. The world's largest cryptocurrency by market capitalization rose more than 5% to to hit $50,312 on Tuesday. 

The cryptocurrency fell below that level on September 7 amid a broader selloff in shares of cryptocurrency and blockchain related firms that day. It continued to fall in September, hitting a low of $40,596 on September 21.

Other cryptocurrency prices also gained with ether, the coin linked to ethereum blockchain and the second largest crypto trading at $3,466, up 3%. Cardano, dogecoin and other digital tokens including XRP, Litecoin, Uniswap also were higher. 

Cryptocurrency investment products and funds recorded inflows for a seventh straight week, as institutional investors warmed to more supportive statements from regulators, data from digital asset manager CoinShares showed on Monday.

Bitcoin recorded its third straight week of inflows. Ethereum products and funds, meanwhile, posted another week of inflows totalling $20 million, despite conceding market share to bitcoin in recent weeks. Inflows to ether, the token for the Ethereum blockchain, so far this year amount to $1 billion.

Another report showed that India, Vietnam and Pakistan are helping to lead the expansion of cryptocurrency markets in central and southern Asia, according to Chainalysis. India’s market grew 641% over the past year and Pakistan’s 711%, a report from Chainalysis showed, using a metric that estimates the total cryptocurrency received by a country.

(With inputs from agencies)

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Published: 05 Oct 2021, 03:51 PM IST
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