Bitcoin hits $50k for first time in four weeks
By Kathi on Oct 05, 2021 | 05:35 AM IST
Bitcoin, the world’s biggest cryptocurrency by market
value, rose above the $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 September 7
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
September 21.
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.