After several months of disappointments, Bitcoin has finally surpassed the $50,000 threshold.
After a nearly three-month rebound, Bitcoin surpassed $50,000, with other currencies such as Ether and Cardano’s ADA also witnessing gains. Bitcoin reached a high of $50,000 in May.
In a note, Rick Bensignor, chief executive officer of Bensignor Investment Strategies, said that bitcoin is “getting closer to the higher end of what I expect as a new trading range in the low-$40,000s to low-$50,000s.”
Due to a strong tide of liquidity, fast-money bets, and increased demand from institutional investors, Bitcoin hit nearly $65,000 in April.
However, due to environmental concerns, Bitcoin prices have fallen in recent months. The Chinese government’s crackdown against Bitcoin had an impact on sentiment, as it plummeted below $30,000 after the May crash.
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