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Bitcoin Recaptures $50,000 After Declining for Over Week

News
Thu, 09/02/2021 - 07:18
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Yuri Molchan
Bitcoin has broken above the $50,000 level after a week-long break
Bitcoin Recaptures $50,000 After Declining for Over Week
Cover image via stock.adobe.com

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The flagship cryptocurrency is now back above the $50,000 price mark after losing it on Aug. 23 and hitting lows at $46,000 and $47,000 several times.

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At the moment, BTC is changing hands at $50,131 on the Kraken exchange. Now, Bitcoin is down 22.72% from its all-time high of $64,863 reached on April 14.

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Image via TradingView

Since Sept. 1, Bitcoin has shown more than 5% growth from the $47,670 level to over $50,000 by now.

The Bitcoin hashrate has been recovering recently at a fast pace as miners forced to leave China earlier this year have resumed operations in other locations. As per data from the CryptoQuant data vendor, miners have been purchasing mining gear since June, which proves they may have been expecting the Bitcoin price to rise and hold well above the $48,000 level soon enough.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.