Bitcoin jumps above $50,000 for first time since May

News Image

MG News | August 23, 2021 at 09:26 AM GMT+05:00

0:00

Aug 23, 2021: Bitcoin broke back above $50,000 on Monday for the first time in three months as investors piled back into the cryptocurrency on bargain-buying.

The unit climbed around two percent to $50,249.15, its highest since mid-May, when it began tumbling on a range of issues including China's crackdown on cryptocurrencies and Tesla boss Elon Musk's decision to stop accepting it on concerns about the environmental impact of mining.

The electric car giant has since indicated its support for bitcoin, while several other high-profile investors including Twitter founder Jack Dorsey have also flagged their interest.

It has now risen more than 70 percent from the six-month lows below $29,000 touched in June, and speculation is swirling that it could begin its push towards $100,000.

Rick Bensignor, at Bensignor Investment Strategies, said Monday that it was "getting nearer the higher end of what I expect as a new trading range in the low-$40,000s to low-$50,000s".

Bitcoin is still for now a long way off its record just below $65,000 that it achieved in April.

AFP/APP

Related News

Name Price/Vol %Chg/NChg
KSE100 136,379.97
273.10M
0.32%
440.10
ALLSHR 84,648.35
701.94M
0.06%
47.97
KSE30 41,546.23
70.12M
0.42%
172.55
KMI30 191,719.76
71.30M
0.34%
649.79
KMIALLSHR 55,827.74
371.98M
0.16%
89.67
BKTi 37,827.61
18.93M
-1.72%
-662.14
OGTi 27,670.67
7.41M
-0.42%
-117.47
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 119,160.00 119,660.00
117,255.00
2420.00
2.07%
BRENT CRUDE 68.23 69.09
68.21
-0.48
-0.70%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
1.80
1.90%
ROTTERDAM COAL MONTHLY 104.50 0.00
0.00
-1.05
-0.99%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 65.94 67.01
65.90
-0.58
-0.87%
SUGAR #11 WORLD 16.61 16.65
16.55
0.05
0.30%

Chart of the Day


Latest News
July 16, 2025 at 04:06 PM GMT+05:00

PSX Closing Bell: On the Rise


July 16, 2025 at 03:54 PM GMT+05:00

MTL expected to climb to Rs650/share by Dec 2025


July 16, 2025 at 03:52 PM GMT+05:00

PKR falls 29 paisa against USD


July 16, 2025 at 03:44 PM GMT+05:00

Govt to shut down Utility Stores by July 31


July 16, 2025 at 03:26 PM GMT+05:00

Oil prices steady amid mixed global signals



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg