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Bitcoin hits $50k level for first time Since 2021

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Bitcoin briefly touched the $50,000 mark for the first on Monday time since December 27, 2021, Reuters reported.

This event was significant for several reasons, for instance, reaching $50,000 is a psychological barrier that many investors consider important.

“At 12:56 p.m. EST (1756 GMT), bitcoin was up 4.96% on the day at $49,899, having oscillated around the $50,000 level. It signifies a return to confidence and bullish sentiment in the cryptocurrency market,” Reuters reported.

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According to the reports, Bitcoin has seen a steady rise in 2024, gaining over 16% year-to-date.

This upward trend is attributed to several factors, including: Anticipation of interest rate cuts where investors might be seeking alternative assets like Bitcoin if interest rates fall.

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Also, the launch of Bitcoin ETFs in October 2023 made investing in Bitcoin more accessible for traditional investors, potentially driving demand.

On Monday, stocks in the cryptocurrency sector saw a surge, with Coinbase, a prominent crypto exchange, climbing 4.9%, while crypto miners Riot Platforms and Marathon Digital experienced gains of 10.8% and 11.9%, respectively.

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Additionally, shares of software company MicroStrategy, known for its significant bitcoin holdings, rose by 10.2%. Meanwhile, the price of ether, the second-largest cryptocurrency, rose by 4.12% to reach $2,607.57.

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Diana Mutheu
Diana Mutheu
Diana Mutheu is a Tech enthusiast, happy to delve deeper into the African tech space covering Social Media, AI, Startups, Telcos, Cryptocurrency, Big Data, Women in Tech and all matters Tech. Write to me @[email protected]

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