Bitcoin Climbs Back Above $ 50,000 After A Significant Plunge

Bitcoin has risen again to above $ 50,000, after the significant decline in the cryptocurrency value in recent days.

 

The price of the crypto coin was pushed by reports that payment company Square has bought $ 170 million in bitcoins from Twitter CEO Jack Dorsey. Positive comments from a major investor about bitcoin also fueled sentiment around the world’s best-known digital currency.

Square previously bought $ 50 million worth of bitcoins and said it is looking at ways to include the digital currency in its payment services. The additional purchase of bitcoins, according to Square, is part of the company’s “continued commitment to the digital currency”.

Successful and influential investor Cathie Wood, the top woman of Ark Investment Management investment fund, stated that she is very positive about investing in bitcoins.

Last weekend, bitcoin hit a record level of more than $ 58,000, but then the price dropped sharply to around $ 47,000. This was partly due to a tweet from Tesla CEO Elon Musk on Sunday, in which he wrote that the price of the bitcoin and cryptocurrency ethereum “seems high”.

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