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Bitcoin price rises above $50,000 again

Waheed Abbas/Dubai
Filed on October 5, 2021
The cryptocurrency fell below the $50,000 level on September 7 after a major selloff in shares of cryptocurrency and blockchain-related firms that day. It continued to fall in September, hitting a low of $40,596 on September 21. — File photo

The world’s largest cryptocurrency rose as much as 2.35 per cent to hit $50,398.10

Bitcoin price on Tuesday crossed the $50,000 mark for the first time in four weeks.

Naeem Aslam, chief market analyst at AVA Trade, said this is the level that investors have been looking at for quite some time.

“The big factor for the Bitcoin price now is if it can continue to move higher and that will only depend on where the price will close today (October 5). If we do see the price closing above the $50,000, we are highly likely to see more upside moves,” said Aslam.

In addition, he said the outage in the technology space such as the Facebook network going down on Monday once again assured investors that technology like Bitcoin never goes down.

“As on the institutional side, we still see more demand keep coming. Although, some of them are waiting for the price to drop a little more before they hit big buy orders,” he said.

The cryptocurrency fell below the $50,000 level on September 7 after a major selloff in shares of cryptocurrency and blockchain-related firms that day. It continued to fall in September, hitting a low of $40,596 on September 21.

On Tuesday, the world’s largest cryptocurrency rose as much as 2.35 per cent to hit $50,398.10.

— waheedabbas@khaleejtimes.com





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