The whirlwind ride for bitcoin continues. The price of the world's most valuable cryptocurrency soared above $50,000 Tuesday morning — the highest level in nearly four weeks.
Although there was no specific catalyst driving bitcoin's recent surge, digital asset investment firm CoinShares notes investors have been plowing money into cryptocurrencies for the past seven weeks. "We believe this decisive turnaround in sentiment is due to growing confidence in the asset class amongst investors," CoinShares said in a report Monday.That increased confidence has pushed bitcoin to rally almost 20% in the past week.
Will cryptocurrency replace the dollar? Scott Galloway explains 03:15Another expert pointed out that some of the recent macro concerns that have dragged down stocks could also be boosting bitcoin. Read More"Inflation fears are driving a resurgence in crypto, and I don't think that's going away anytime soon," said Chris Kline, chief operating officer and co-founder of Bitcoin IRA.It's been a stunning comeback for bitcoin and other digital currencies in the past few months.
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