Bitcoin hits $50k for first time in 4 weeks

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LONDON, Oct 5 (Reuters) – Bitcoin, the world’s largest cryptocurrency by market worth, rose above the $50,000 mark for the primary time in 4 weeks on Tuesday, including to a sequence of good points for the reason that begin of October.

The cryptocurrency fell under that stage on September 7 amid a broader selloff in shares of cryptocurrency and blockchain associated corporations that day. It continued to fall in September, hitting a low of $40,596 on September 21.

On Tuesday, Bitcoin rose as a lot as 2.35% to hit $50,398.10.

Cryptocurrency funding merchandise and funds recorded inflows for a seventh straight week, as institutional traders warmed to extra supportive statements from regulators, knowledge from digital asset supervisor CoinShares confirmed on Monday. learn extra

Reporting by Ritvik Carvalho;
Editing by Rachel Armstrong

A representation of cryptocurrency Bitcoin is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration/File Photo