{"id":59702,"date":"2024-02-13T19:37:16","date_gmt":"2024-02-13T19:37:16","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/bitcoin-breaks-50000-for-first-time-since-2021\/"},"modified":"2024-02-13T19:37:16","modified_gmt":"2024-02-13T19:37:16","slug":"bitcoin-breaks-50000-for-first-time-since-2021","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/bitcoin-breaks-50000-for-first-time-since-2021\/","title":{"rendered":"Bitcoin breaks $50,000 for first time since 2021"},"content":{"rendered":"

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Bitcoin spiked above $50,000 on Tuesday for the first time in more than two years as investors grow optimistic that US approval of broader trading in the unit will ramp up demand.<\/p>\n

The cryptocurrency has enjoyed a strong run in recent months, fuelled by expectations US lawmakers would allow the creation of exchange-traded funds (ETFs) that track the price and let the public invest in crypto without directly purchasing it.<\/p>\n

After initially dropping in reaction to last month\u2019s green light by Washington, bitcoin has rallied<\/a> about 25 per cent since January 22.<\/p>\n

That advance saw it hit as much as $50,328, according to Bloomberg<\/em> data<\/a>, its highest level since late 2021.<\/p>\n

And observers were optimistic about the outlook.<\/p>\n

\u201cEnthusiast buyers bring in more enthusiast buyers pushing prices further up,\u201d Fadi Aboualfa, of Copper Technologies, said.<\/p>\n

\u201cThe cryptocurrency has momentum on the back of several green weeks and has a large chance of going up further when markets see weekly movements upwards of 10pc [as we saw last week].\u201d<\/p>\n

By 3:30am GMT on Tuesday, bitcoin had dropped slightly, to $49,950.<\/p>\n

The currency remains well below its record value of almost $69,000 in 2020, but the rally marks a recovery following a series of high-profile scandals and collapses that rocked the crypto industry.<\/p>\n

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