MARKETS

Bitcoin Surges Above $50,000 for First Time in 3 Months

On Monday, Bitcoin broke back above $50,000 for the first time in three months as investors piled back into the cryptocurrency on bargain-buying. The largest cryptocurrency by market capitalization reached as high as $50,152.24, the highest since mid-May, up 2.5 per cent.

Bitcoin has recovered after trading in a range of about $30,000 to $40,000 for many weeks after it plunged from a record near $65,000 in mid-April. Still, it’s up significantly in the past year.

CoinDesk, Ether, the coin linked to the ethereum blockchain and the second-largest crypto, surged to $3,321. Dogecoin, on the other hand, was trading at $0.32, up 1 per cent. Other digital coins like Stellar, Uniswap, XRP, Litecoin, Cardano also were trading with gains over the last 24 hours.

The worldwide crypto adoption grew by 880 per cent between June 2020 and July 2021, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis. India ranks second in terms of crypto adoption worldwide, behind Vietnam but ahead of countries such as the US, UK, and China, as per the report.

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