The cost of the world’s most valuable digital currency took off above $50,000 Tuesday — the highest in almost a month.
Although, there was no particular impetus driving the new surge, it may not be unconnected with the fact that investors have been plowing money into digital currencies in the past seven weeks.
Other top digital currencies, including ethereum, binance, solana and Elon Musk’ s favorite, dogecoin, have enjoyed similarly large gains.
Experts have expressed that some of the recent macro concerns that have dragged down stocks could also be responsible for the boost recorded in the value of digital currencies.
Prices had plunged in the past few months due to worries about a Chinese crackdown on cryptocurrency and concerns that the US might follow suit with stricter regulations.
The US fears have ebbed after the Federal Reserve chairman Jerome Powell said that the central bank has no plans to be tough on Bitcoin like China.