Baxia Markets
August 24, 2021

Bitcoin price broke the $50,000

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It's the first time bitcoin has reached that milestone since May 15. Bitcoin's peers also advanced: Ethereum was up more than 3%, while dogecoin rose nearly 2%. Bitcoin had been inching near that mark all weekend before finally crossing it during Sunday evening hours Eastern Time, according to data from CoinDesk.




It's been a turbulent few months for cryptocurrency. Bitcoin, which hit an all-time high of nearly $65,000 in April, plummeted to as low as $28,800 in June after China escalated its crackdown on digital currencies. Bitcoin, which had been hovering between $30,000 and $40,000 for many weeks, began to rise out of its slump last month when major tech giants signaled — or appeared to signal — their support for digital currencies. Bitcoin and its ilk also got a boost last month from bullish comments by Tesla (TSLA) and Twitter (TWTR) chief executives Elon Musk and Jack Dorsey, who shared how they have incorporated or plan to incorporate digital currencies in their businesses.


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