Digital Currency: After Three Months, Price of Bitcoin Crosses $ 50,000

The digital currency has crossed $50,000 (about Rs 37 lakh) for the first time since May 2021. On Monday, the price of one bitcoin reached the level of 50,152
Digital Currency: After Three Months, Price of Bitcoin Crosses $ 50,000
Image Credit: The Economic Times

The digital currency has crossed $ 50,000 (about Rs 37 lakh) for the first time since May 2021. On Monday, the price of one bitcoin reached the level of 50,152. It is trading 2.5% above the mid-May price. Whereas the all-time price of bitcoin is $ 65,000 (about 48 lakh rupees), which was reached in mid-April.

Support from high-profile investors

Electric car giant Tesla's backing of bitcoin and several other high-profile investors, including Twitter founder Jack Dorsey, also showed their interest. As a result, digital currency is witnessing a spectacular recovery. The price of bitcoin was trading in the range of $30,000-40,000 for the past several weeks.

Prior to this, the price of bitcoin had been falling continuously since April 2021, as China banned financial institutions and payment companies from trading in cryptocurrency. In June, the price of one bitcoin hits $29,000, which is currently trading up 70%.

Expected the price of bitcoin to reach one million dollars

Image Credit: Mint
Image Credit: Mint

According to experts, its price can reach one lakh dollars in the coming days. In line with the interest of high-profile investors, PayPal UK has allowed customers to buy, sell and hold cryptocurrencies, including bitcoin, in the UK. This facility is applicable from this week.

According to the blockchain data platform Chainalysis Global Crypto Adoption Index, worldwide crypto adoption grew by 880% from June 2020 to July 2021.

Other cryptocurrencies also boomed

The effect of rising bitcoin prices can be seen in other cryptocurrencies as well. The price of cryptocurrencies like Ether, the currency of the Ethereum blockchain has seen a rise on Monday. Similarly, CoinDesk, Dogecoin are also trading with slight gains. Let us tell you, for the first time since May, the price of bitcoin has crossed 50 thousand dollars. According to the latest updates, $50,093 of one bitcoin was reported in the Asian trade. However, it is still a long way from its all-time high of $65,0000. The price of bitcoin was at its highest in April of this year.

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