Main navigation

BREAKING: Bitcoin Reclaims $50,000 for the First Time Since Early September as Traders Turn Greedy

Advertisement
Tue, 5/10/2021 - 9:04
BREAKING: Bitcoin Reclaims $50,000 for the First Time Since Early September as Traders Turn Greedy
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Bitcoin has managed to revisit the $50,000 level on the Binance exchange for the first time since Sept. 7, the day El Salvador adopted the largest cryptocurrency as legal tender.

Advertisement
Article image
Image by tradingview.com

The Crypto Fear and Greed Index, a popular tool for measuring Bitcoin market sentiment, is now flashing "greed."

The benchmark crypto peaked at $49,811 on the Bitstamp exchange earlier today, stopping short of reclaiming the psychological price point. However, bulls stepped in to push the Bitcoin price higher following several rejections.

After recovering from the El Salvador sell-off, Bitcoin plunged due to problems on China's property market affecting the global economy in late September. Within the same week, the largest cryptocurrency was also hit hard after the Chinese government introduced its harshest measures yet against the cryptocurrency industry.

Related
On Sept. 28, the sentiment indicator dipped into "extreme fear" territory when Bitcoin was teetering on the verge of plunging below the $40,000 support. This, as some expected, marked the bottom of the correction.

The largest cryptocurrency is now up 21% over the past week, with "Uptober" so far living up to its name.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD