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Bitcoin rebounds from a dismal week toward $50,000

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Bitcoin (BTC), the world’s largest and most popular cryptocurrency, has soared 8% to $48,862.49 on Monday, adding $3,620.51 to its previous close. It fell to a low of $27,734 on Jan. 4 from the year’s peak of $58,354.14 on Feb. 21.

The virtual asset rose nearly 3% Tuesday and was holding at $49,070 as of 9:00 a.m. in Hong Kong. Prices last week saw the biggest decline since March and fell as low as $43,000 on Sunday.

When explaining these latest rallies, market observers pointed to several key elements.

John Todaro, chief of institutional research for TradeBlock, spoke to the gains that risk assets enjoyed today after a recent heavy drop.

On a positive note

“Yields were up recently to their highest mark in a year and on the back of that tech stocks saw a sell-off, corresponding with the pullback in the prices of bitcoin,” Bloomberg quoted Todaro as saying, adding that the crypto does still have ingredients of a risk-on asset and climbs and falls in tandem, during times of market doubt.

Bitcoin ushered in March on a positive note, advancing over 8% to around $49,000 after a price decline last week that was the largest since the coronavirus pandemic roiled markets early in 2020.

Fresh signs of adoption

The gains came in the face of fresh indications of the adoption of crypto-asset technologies. Citigroup, one of the largest U.S. banks, noted that bitcoin was at a “tipping point” as more institutional investors embrace the cryptocurrency, according to Coindesk.

Google Finance added a data tab on digital currencies, while MicroStrategy, which has become a major bitcoin investor through its corporate treasury, bought $15 million worth of bitcoins, bringing the company’s holdings to 90,859 BTCs.

Meanwhile, in a document by Citigroup’s Global Perspectives & Solutions, strategists bared a case for Bitcoin to play a critical part in the global financial landscape, saying the digital asset could become “the currency of choice for international trade” in the years ahead, according to Bloomberg.

 

Image courtesy of Cointelegraph News/YouTube

The post Bitcoin rebounds from a dismal week toward $50,000 appeared first on BitcoinerX.

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Source: https://bitcoinerx.com/bitcoin/bitcoin-rebounds-from-a-dismal-week-toward-50000/

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