Copy link
Increase text size
Decrease text size
Link copied

Bitcoin soars past $50K for the first time since September 7

Bitcoin traded at $50,047.15, up more than 5 percent in the past 24 hours.

Image by mohamed Hassan from Pixabay

Tue, 05 Oct 2021, 12:10 pm UTC

Bitcoin’s price has been on the rise this month. The crypto, which traded just above $42,000 on September 30, posted massive gains in just five days and BTC soared past $50,000 on Tuesday, October 5.

At the time of writing, Bitcoin traded at $50,047.15, up more than 5 percent in the past 24 hours based on Coindesk data. This is the first time that the crypto breached the $50,000 since September 7.

However, experts are not sure of BTC could sustain its upward momentum. “It’s too early to say whether this will turn into a new support level in the short term, but it is clear that the overriding market view is bullish,” Quantum Economics analyst Jason Deane said.

Meanwhile, Cointelegraph contributor Michaël van de Poppe believes that Bitcoin’s price could slightly retreat. “Given the conclusion from historical price action, it seems more likely that Bitcoin will be breaking upwards towards anything around $50,000 or maybe even the recent high, and then comes down towards $49,000 before we continue to rally back up,” he said in his latest YouTube update.

Some experts believe that BTC’s upward trajectory could be attributed in part to the crypto’s increasing use as an inflationary hedge. “Inflation is here to stay, and every household is starting to see prices skyrocket for goods and services nationwide,” BKCoin Capital co-founder Carlos Betancourt said. “Many savvy investors look for asymmetric opportunities and a hedge against inflation, and there is always one common asset that comes to mind ... remember, bitcoin is the only asset that governments or central banks cannot manipulate.”

Money from institutional investors also helped in pushing Bitcoin’s price upwards. “Ask any OTC [over-the-counter] dealer who specializes in digital assets or any liquid digital asset fund manager, and they’ll all point to significant and constant monthly inflows,” Arca Funds chief investment officer Jeff Dorman said.

There have been recent speculations that the SEC might soon approve futures-based ETF resulting in the bullish market sentiment. “Canada officially approved a crypto ETF that includes both bitcoin and ether and U.S. SEC Chair Gary Gensler showed support for a futures bitcoin ETF recently, and that’s certainly been digested by investors as a bullish sign,” Betancourt added. “The SEC is reviewing over 20 applications for ETFs and futures ETF products linked to bitcoin and ether.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • PeterC
  • 2021.10.21 04:19:22
I must testify of the best experience I had with 760PLUS and also tell the world that they're just true, reliable and the most secured Credit specialist out there to work with, they truly are the reason for my good life today, genuinely helping people fix their credit not ripping them off is a great service to humanity, I'm so grateful to this special team for restoring me back to my feet from a terrible credit profile to an excellent shoot, with a new 803 FICO score. Thank you for saving so many with your sincere services, I strongly recommend them on 760pluscreditscore at Gmail dot com Text 304 774 5902 they're the best.
  • 0
  • ·
  • 0
  • west
  • 2021.10.18 06:18:11
I was searching for loan to sort out my bills& debts, then i saw comments about Blank ATM Card that can be use to hacked into Atm machine to withdraw money from any ATM machines around the world, I doubted this but decided to give it a try by contacting [email protected] OR +1 (659) 210‑0433 (Whats app)
they responded with their guidelines on how the card works. I was assured that the card can withdraw 3,000 Euro instant per day so i requested for one & paid the charges fee to obtain the card, after 3 days , i was shock to see the UPS agent in my resident with a parcel{card} i signed and went back inside and confirmed the card work's after the agent left. This is no doubts because i have the card & has made used of the card. This hackers are set to help people with financial freedom!! Contact this email if you wants to get rich with this Via: [email protected] OR +1 (659) 210‑0433 (Whatsapp)
  • 0
  • ·
  • 0
  • Harold
  • 2021.10.06 08:46:31
RECOVERCOIN at RESCUETEAM dot COM is helping bitcoin scam victims recover stolen crypto coins from rippers. I’m American but live in Australia and I invested the sum of $ 203,800 in Bitcoin with a cryptocurrency company I met online. After a couple of weeks, my initial investment had increased from $ 203,800 to $ 391,650. This felt so good as the investment grew rapidly in just a few weeks. When it was time to retire, my withdrawal request was denied, all effort to make withdrawal declined then I realized i had been ripped off. Thanks to Jim from rescue team for helping me recover my money back.
  • 0
  • ·
  • 0
  • Harold
  • 2021.10.06 08:45:56
RECOVERCOIN at RESCUETEAM dot COM is helping bitcoin scam victims recover stolen crypto coins from rippers. I’m American but live in Australia and I invested the sum of $ 203,800 in Bitcoin with a cryptocurrency company I met online. After a couple of weeks, my initial investment had increased from $ 203,800 to $ 391,650. This felt so good as the investment grew rapidly in just a few weeks. When it was time to retire, my withdrawal request was denied, all effort to make withdrawal declined then I realized i had been ripped off. Thanks to Jim from rescue team for helping me recover my money back.
  • 0
  • ·
  • 0
  • west
  • 2021.10.18 06:18:17
I was searching for loan to sort out my bills& debts, then i saw comments about Blank ATM Card that can be use to hacked into Atm machine to withdraw money from any ATM machines around the world, I doubted this but decided to give it a try by contacting [email protected] OR +1 (659) 210‑0433 (Whats app)
they responded with their guidelines on how the card works. I was assured that the card can withdraw 3,000 Euro instant per day so i requested for one & paid the charges fee to obtain the card, after 3 days , i was shock to see the UPS agent in my resident with a parcel{card} i signed and went back inside and confirmed the card work's after the agent left. This is no doubts because i have the card & has made used of the card. This hackers are set to help people with financial freedom!! Contact this email if you wants to get rich with this Via: [email protected] OR +1 (659) 210‑0433 (Whatsapp)
  • 0
  • ·
  • 0
More
  • Bitcoin (btc) $65,136.00 (+1.92%)
  • Ethereum (eth) $4,176.80 (+8.48%)
  • Binance Coin (bnb) $497.62 (+2.63%)
  • Cardano (ada) $2.22 (+5.95%)
  • Tether (usdt) $1.00 (+0.16%)
  • Bitcoin (btc) $65,136.00 (+1.92%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft