bitcoin rises to $50,000 On Monday – which has happened for the first time since the accident in May this year. World’s largest currency in April Bitcoin Soared higher and reached an all-time high of $65000. Two positive developments this week led to a sharp rise in bitcoin, the first being PayPal’s announcement of the launch of services for buying, selling and holding digital currencies in the UK. This announcement made it the first international expansion of PayPal’s cryptocurrency services outside the United States. Similarly, PayPal launched cryptocurrency services for buying, selling and holding cryptocurrency in the United States earlier this year.
The second announcement that led to the sharp rise in bitcoin was made by Coinbase, a cryptocurrency exchange platform, that the company would buy $500 million in crypto on its balance sheet and allocate 10% of its quarterly profits to a crypto asset portfolio last Thursday. . . The company said that very soon it will become the first trading company to have bitcoin rival Ether, DeFi tokens and other crypto assets on its balance sheet.
Siddharth Menon, COO of WazirX, highlighted the $50,000 mark on bitcoin, saying, “Bitcoin is currently trading near a key psychological level of $50,000. On the daily chart, bitcoin is trading at the first resistance level of $49,200. And if we break $50,000, a second resistance is seen at $61,000. We may have first support at $45,000 & second support at $41,000.”
Bitcoin has risen and recovered after several weeks of falling from $30,000 to $40,000. After a massive selloff in June and July, bitcoin fell from $65,000 in April to $28,800 in June, triggered by Chinese sanctions on corporates, financial companies, payment companies that provide crypto-related services. Apart from the Chinese ban imposed on financial institutions, payment companies, warnings against speculative crypto trading also saw a sharp drop in cryptocurrencies.
In July, of amazon The rise in cryptocurrencies is due to job posts for digital currency and blockchain product leads. Amazon’s move was seen as a game changer that could pave the way for further legalization of the virtual currency. In addition, the cryptocurrency was fueled by bullish comments by Tesla and Twitter CEOs Elon Musk and Jack Dorsey to include digital currencies in their businesses.
According to Coinmarketcap.com, Ether, at 12.30 am, bitcoin’s rival currency was also trading at $3328.37, up 2.07 percent. Besides Ethereum, Binance Coin was also trading at $480.34, up 5.14 percent. According to Coinmarketcap.com, the global crypto market cap currently stands at $2.15 trillion, an increase of 2.01 percent from the previous day. However, the total crypto market volume in the last 24 hours stood at $105.65 billion, an increase of 2.74 percent. The volume of all stablecoins is now $81.27 billion, which is 76.93 percent of the total 24-hour crypto market volume. Bitcoin is currently priced at $50,164.02. Bitcoin dominance is currently at 43.89 percent, down 0.07 percent over the day.
“Trade volume remained low, indicating the absence of a directional momentum. Markets remained positive over the weekend, and this consolidation points to positive momentum as the markets are coming out of the weekend. It will be an eventful week,” said Edul Patel, CEO and Co-Founder, Mudrex, a global crypto trading platform.
since some positive developments The biggest currency is pulling bitcoin, it needs to be seen whether the world and corporates embracing the cryptocurrency are going to push bitcoin above the $60,000 mark.
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