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Bitcoin jumps above $50,000 for the first time since May

Bitcoin

The price of the Bitcoin witnessed a rise to more than $50,000 for the first time in three months, as investors returned to buying the cryptocurrency.

The price of Bitcoin rose about 2% to reach $ 50,249.15, its highest level since mid-May.

Among the most prominent factors that led to Bitcoin’s decline in mid-May was China’s campaign to regulate the cryptocurrency market and the decision of Tesla’s Elon Musk to stop accepting it due to concerns about the environmental impact of mining operations.

Since then, Musk has expressed his support for Bitcoin, while many other prominent investors, including Twitter founder Jack Dorsey, have also expressed interest.

Its price has now risen by more than 70% from its six-month low (less than $29,000) in June, while speculation is growing that its price may reach $100,000.

The cryptocurrency is “close to the upper end of what I would expect as a new trading range of between $40,000 and $50,000,” Rick Bensignor of Pensignor Investment Strategies said Monday.

Bitcoin is still a long way from its record price of $64,870 in April.

In a related context, Bitcoin continues to maintain its attractiveness despite investors fleeing from the major virtual currencies following the decline in its prices.

Virtual currencies have incurred heavy losses due to restrictions imposed on them by some countries, including China and the United States.

Bitcoin rose 0.4% last week, to more than $46.28 thousand, as well as Ethereum rose 0.5% to $3191.7, and Ripple rose 1.5% at $1.19.

The market value of virtual currencies exceeded $2 trillion for the first time since mid-May, according to data from CoinMarketCap.

However, the most popular digital currency fell during Wednesday’s trading by 0.9% to $ 45.1 amid investors’ warnings of the authorities’ actions in many countries regarding the trading of virtual currencies.

The Shanghai Securitate newspaper, affiliated with the Chinese government, reported that the Shenzhen branch of the People’s Bank of China is planning to launch regulatory campaigns on 11 companies that allowed illegal trading of virtual currencies.