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BREAKING: Bitcoin Hits $45,000 for the First Time Since Mid-May

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Sun, 08/08/2021 - 06:56
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Alex Dovbnya
Bitcoin is rallying hard in the face of the drama surrounding the U.S. infrastructure bill
BREAKING: Bitcoin Hits $45,000 for the First Time Since Mid-May
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Bitcoin, the largest cryptocurrency by market cap, managed to revisit the $45,000 level for the first time since May 18 at 6:05 a.m. UTC on the Bitstamp exchange.

It has now recovered more than 57 percent from its local bottom of $28,621 that was recorded on July 22.

BTC

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The ongoing rally comes amid a fervent legislative battle over competing amendments to a damning cryptocurrency tax provision in the U.S. infrastructure bill.

Bitcoin’s recent recovery to nearly a 12-week high flies in the face of a slew of bears who called for a deeper pullback at the local bottom.

As reported by U.Today, Guggenheim CIO Scott Minerd predicted that $10,000 could be the flagship cryptocurrency’s “real bottom” when bearish sentiment became pervasive in late June.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.