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October 08, 2021

Bitcoin bounces back from $55,000 peak, still going strong

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The price of Bitcoin (BTC) surpassed $ 55,000 per token on Wednesday, a level it hadn't reached in five months. The spike of about 10% happened in just a few hours and is ascribed to the fact that billionaire George Soros' investment fund confirmed that it is investing in bitcoin.

 

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It all started when Bitcoin broke through the $ 50,000 mark for the first time in four weeks the day before. Dawn Fitzpatrick, the chief investment officer of Soros Fund Management, commented about the cryptocurrency's long-term potential on the same Tuesday night, October 5. Bitcoin, he continued, is a portable asset that is easy to keep and transfer, with an inflation rate of half every four years.

 

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