Bitcoin hits $50,000

Bitcoin surged past $50,000 on Sunday evening and has remained intact in the early hours of Monday, after spending a while in the doldrums over recent months.

Bitcoin tumbled from $50,000 in May when Tesla CEO Elon Musk partially withdrew his support for the currency, saying that the carmaker would no longer accept BTC as a viable payment method due to environmental concerns.

That and the news that China would be prohibiting Bitcoin mining in the country sent the markets reeling with BTC’s price crashing to below $30,000.

Both Musk’s withdrawal of endorsement and China’s stricter regulatory measures impacted the markets.

Bitcoin’s slump radiated outwards to other cryptocurrencies, such as Dogecoin, which is another Musk-endorsed asset.

To many, this new high is an important milestone as the $50,000 has long been touted as a point in Bitcoin’s evolution that attests to the currency’s long-term prospects.

Bitcoin has also been very quick to recover. Previous BTC cycles usually took year(s) before the currency showed any definitive signs of improvement, but the amount of institutional investment has been enough to bolster it.

With the price back at $50,000, this means that players at crypto casinos also have it much easier. You can go and spend your BTC at 1xBit, Bitcasino.io and FortuneJack, and even claim some of their massive bonuses.

Source

Updated: 08/23/2021 — 11:00