Bitcoin, the world’s biggest cryptocurrency by market value, rose above the US$50 000 mark for the first time in four weeks on Tuesday, adding to a series of gains since the start of October.
The cryptocurrency fell below that level on 7 September amid a broader selloff in shares of cryptocurrency and blockchain related firms that day. It continued to fall in September, hitting a low of $40 596 on 21 September.
On Tuesday, bitcoin rose as much as 2.35% to hit $50 398.10.
Cryptocurrency investment products and funds recorded inflows for a seventh straight week, as institutional investors warmed to more supportive statements from regulators, data from digital asset manager CoinShares showed on Monday. — Reported by Ritvik Carvalho, (c) 2021 Reuters