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 139,390.42
291.21M
0.71%
978.17
ALLSHR 86,260.96
576.29M
0.65%
558.00
KSE30 42,618.60
119.41M
0.86%
363.76
KMI30 196,907.86
123.77M
1.44%
2798.27
KMIALLSHR 57,276.87
259.26M
0.99%
563.20
BKTi 37,820.27
20.77M
-0.03%
-11.06
OGTi 28,214.64
47.07M
2.82%
774.00
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 119,255.00 119,785.00
117,905.00
1635.00
1.39%
BRENT CRUDE 71.95 72.82
71.60
-0.52
-0.72%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 69.55 70.41
69.21
-0.45
-0.64%
SUGAR #11 WORLD 16.41 16.61
16.28
-0.04
-0.24%

Chart of the Day


Latest News
July 31, 2025 at 05:47 PM GMT+05:00

Public grievance system introduced at EDB


July 31, 2025 at 05:18 PM GMT+05:00

PKR rises by 8 paisa against USD


July 31, 2025 at 04:57 PM GMT+05:00

Gold takes a Rs2,000 per tola hit


July 31, 2025 at 04:48 PM GMT+05:00

United Insurance resumes Guarantee Business operations



Top 5 things to watch in this week

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