Bitcoin Briefly Climbs Back Above $50K for First Time in Six Days – CoinDesk – CoinDesk


Bitcoin early Tuesday pushed above $50,000 for the first time in six days, as the largest cryptocurrency continued to recover from last week’s 21% sell-off, the most since the coronavirus-fueled rout of March 2020.

The push past $50,000 came as the Chicago Board Options Exchange’s announced an official filing to list shares of VanEck’s BTC exchange-traded fund.

Trading volume was strong on Monday, as bitcoin’s price rose 9.7%, the most in three weeks, according to data from the Bitstamp exchange.

“We have seen an increase in cryptocurrency offerings from the largest investment banks including bitcoin research, custody, trading, and prime brokerage,” said Kyle Davies, co-founder of Three Arrows Capital. “I expect these offerings to grow as global investment banks embrace cryptocurrencies.”

Cryptocurrencies were up across the board alongside bitcoin, with stellar, XRP and ether also gaining.

The mood was mixed, with some traders expressing caution:

“We’ve seen lots of signs of cooling off in BTC — price decreasing, lower premiums, less volatility,” Sam Bankman-Fried told CoinDesk via Telegram on Monday. “That obviously doesn’t say for sure what will happen in the future though.”

In Asia markets, the ASX All Ordinaries Index is up 0.57%, the NIKKEI 225 Index is up 0.61% and the Hang Seng Index is also in the green, up 1.63% on the day.



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