For the first time since May 2021, $BTC.X surpassed the $50,000 price point. It’s a huge milestone for the crypto’s recovery. 🏆
Bitcoin hit an all-time high of over $64,000 in April, before being sold off throughout June and July. At its lowest point, the crypto fell below $29,500. China’s crackdown and Musk’s 180-degree turn on Bitcoin played a significant role in its decline.
Since mid-July, Bitcoin has been clawing its way back into the green. The price has gotten a boost from Coinbase’s announcement that it would purchase $500 million in crypto on its balance sheet, as well as allocate 10% of their future profits into a crypto portfolio. In addition, the market got a boost overseas from the launch of PayPal’s crypto service in the U.K.
However, momentum is leading the charge. The broader crypto market has grown in sympathy with Bitcoin, with $ETH.X approaching the $3400 mark. $ADA.X, which set record-after-record this week, reached a new all-time high and is now flirting with $3. 💚
The global crypto market cap sits a touch above $2.2 trillion, according to CoinMarketCap.