Skip to main content

Bitcoin hits two-week high as it soars above $54,000

 Bitcoin's (BTC-USD) price was rising strongly on Tuesday morning, touching a two week high above $54,000 (£38,906).

Bitcoin was up 8.2% to $54,001.77 at 8.50am in London on Tuesday. Earlier in the session, the cryptocurrency had touched a two week high against the dollar.

Tuesday morning's rise means the market value of the world's biggest cryptocurrency has once again crossed $1tn.

The rally comes as bitcoin continues to recover from a recent pullback. Bitcoin reached a new all-time high above $58,000 in late February before dropping to below $44,000. The world's biggest cryptocurrency has seen its price rebound since the start of the month.

Bitcoin hit a two-week high against the dollar. Photo: Yahoo Finance UK
Bitcoin hit a two-week high against the dollar. Photo: Yahoo Finance UK

"Bitcoin is very much out of trouble zone now as the price has broken most of its obstacles," said Naeem Aslam, chief market analyst at Avatrade.

"The next target for the Bitcoin price is really the all-time high, and from there onwards the journey will begin towards a new target of 70K."

WATCH: What is bitcoin?

What is bitcoin?

Bitcoin is the world's biggest and best-known cryptocurrency. The asset is back in the news after a phenomenal rise to new record highs over the last few months. Here's everything you need to know about bitcoin and how it works.

Bitcoin has rallied over 350% since last October, spurred higher by a wave of institutional investor adoption. Payment app Square (SQ) has invested over $200m in bitcoin over the last 6 months, while Tesla (TSLA) said last month it had $1.5bn invested in the cryptocurrency. Mainstream financial services companies are also getting involved — UK asset manager Ruffer (RICA.L) has put 3% of its assets into bitcoin and Goldman Sachs (GS) is restarting its trading desk for the cryptocurrency.

Citi (C) said recently that bitcoin could be at a "tipping point," although the bank's research note has since faced criticism over its sourcing and accuracy of data.

Comments

Post a Comment

Popular posts from this blog

Monero Faucet

 Monero Faucet  Individuals who might want to get their hands on Monero coins for nothing can begin by utilizing Monero fixtures. You can acquire XMR tokens on a Monero spigot by dealing with assignments like finishing manual human tests and watching promotions. Probably the best spigots to acquire Monero tokens are:  Monerofaucet.info permits you to procure between 0.000005 to 0.025 Monero tokens per reward, which can be asserted at regular intervals.  Express spigot allows you to guarantee a prize of up to 0.00042754 XMR at regular intervals. The fixture likewise has a lottery game that you can play to acquire extra free Monero on the off chance that you win.  Allcoins.pw is another Monero spigot where you can procure an award of up to 0.00001716 at regular intervals. The spigot doesn't have any edge for withdrawal.
Post a Comment
Read more

Artificial Indoor Garden: Enutrof Decor

1. The Rise of  Artificial Vertical Gardens : Artificial vertical gardens have emerged as a creative and sustainable solution to urban living challenges. As urban spaces become more compact, the desire for greenery remains constant. These installations are a testament to human ingenuity, offering a visually appealing and eco-friendly alternative to traditional gardens. Responding to urban living challenges. A creative and sustainable solution. Providing greenery in limited spaces. 2. How Do  Artificial Vertical Gardens  Work? Artificial vertical gardens leverage advanced technologies and high-quality materials to mimic the appearance and feel of natural plants. From realistic textures to vibrant colors, these installations are designed to fool the eye and create a lush, green environment. Explore the intricate engineering behind these vertical wonders and understand how they can thrive in various indoor settings. Leveraging advanced technologies. High-quality materials to...
Post a Comment
Read more

Bitcoin is down 20% since @ElonMusk started shitposting.

  Bitcoin is down 20% since @ElonMusk started shitposting. And you wonder why some people are mad? 🤔 pic.twitter.com/WDMvcptFsK — Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) May 16, 2021
Post a Comment
Read more