Flagship cryptocurrency Bitcoin is back at $50,000 after months of intense fluctuations. Bitcoin hit $50,000 on Sunday, reaching a more than 3-month high bringing more hope to crypto investors. According to CoinDesk data, Bitcoin traded $50,095 at 2:45 a.m. ET on Monday.
It has been quite a rough past few months for Bitcoin, as it suffered intense fluctuations that saw the flagship cryptocurrency fall more than 50 percent from an all-time high of $65,000. Bitcoin has struggled to keep the records that it set in the past.
The past few days (and weeks) have been a positive one for the cryptocurrency. Bitcoin which struggled between $30,000 and $40,000 crossed the $40,000 milestone to trade at $45,000. Before then, Bitcoin continued to plummet and fell below the $30,000 mark twice. These were moments of lows for Bitcoin, investors were discouraged and analysts who kept on forecasting that Bitcoin would rise again sounded like they didn’t know what they were saying.
Hitting $45,000 helped boost the confidence of analysts, investors, and traders, boosting the belief/assumption that the market is back strong and ready to break new grounds. Currently, Bitcoin seems to be on a slow but gradual rise, which analysts are saying is best for its recovery. The coin traded between $45,000 and $50,000 without falling below the $45,000 mark, and eventually rose to trade at $50,000.
Early this year marked the best moments for Bitcoin as companies were adopting it on a large scale for all their operations, investors had huge confidence in it and Elon Musk’s influence kept pushing the coin towards growth. All these were, however, short-lived. Elon Musk announced that his Electric Vehicle company- Tesla would stop accepting the cryptocurrency as a means of payment out of environmental sustainability reasons. The company, however, promised to resume accepting the flagship currency immediately a safer way to mine it is discovered. This caused the price of Bitcoin to fall.
Chinese regulators added to the woes of Bitcoin by banning mining activities in the country. China was the hub of Bitcoin mining, and after regulators banned mining operations, this sent Bitcoin plummeting. More than $300 billion worth of cryptocurrency was wiped off the market as a result of these crackdown actions and China which was once a haven for Bitcoin mining has become a place of peril for it.
Irrespective of all these, Bitcoin remains the number one cryptocurrency in the world and has had quite some positive moments too.
Adam Aron – the CEO of cinema operator AMC Entertainment announced last week that the company will start accepting Bitcoin as a means of payment before the year’s end. U.S. online payments giant, PayPal, said earlier today that it is launching its cryptocurrency service in the United Kingdom to let British customers buy, hold and sell digital currencies.
As of the time of writing this article Bitcoin was trading at $50,420.50.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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