Bitcoin Tries to Hold Above $50K For the First Time in Six Days

March 2, 2021

Bitcoin early Tuesday led above $50,000 for the first time in the recent six days, as the oldest crypto continued to recover from the prior week’s 21% sell-off. Bitcoin is changing hands near $49,445 as of 12:37 UTC, and cooling down a little, having risen to a 24-hour above $50,200.


The price has risen 6.8% in the past 24 hours. However, BTC’s 24-hour price range is $45,741-$50,213. Bitcoin is exchanging above its 100-hour and 200-hour moving midpoints on the hourly chart volumes, indicating a bullish mood. 


The push past $50,000 came as the Chicago Board Options Exchange’s reported an official documenting to list shares of VanEck’s BTC exchange-traded fund. Exchanging volume was solid on Monday, as bitcoin’s value rose 9.7%, the most in three weeks, as per information from the Bitstamp trade. 


We have seen an increment in digital currency contributions from the biggest speculation banks including bitcoin research, prime brokerage, custody, and exchanging, said Kyle Davies, co-founder of Three Arrows Capital. 


Cryptographic forms of money were up to no matter how you look at it close by bitcoin, with stellar, ETH, and XRP additionally acquiring. In Asia markets, the NIKKEI 225 Index is up 0.61%, and the ASX All Ordinaries Index is up 0.57%, and the Hang Seng Index is likewise in the green, up 1.63% on the day. Bitcoin miners broke an over three-year-old record in February, producing $1.36 billion in revenue, up 21% from January, as per on-chain information from Coin Metrics.


The past revenue record of $1.25 billion was set in December 2017 during the pinnacle of the cryptographic money’s past positively trending market. A month ago’s a flood in revenue came as bitcoin’s cost moved during the month from $33,000 to another unsurpassed high of simply above $58,000 prior to dropping pointedly to $43,000 in the most recent week.


Image Courtesy : Pixabay

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