Bitcoin Briefly Climbs Back Above $50K for First Time in Six Days

Bitcoin early Tuesday pushed above $50,000 for the first time in six days, as the largest cryptocurrency continued to recover from last week’s 21% sell-off.

  • Bitcoin (BTC) is trading around $49,444 as of 12:37 UTC (7:37 p.m. ET) and cooling slightly, having risen to a 24 hour high above $50,200.
  • The price has gained 6.8% over the previous 24 hours. Bitcoin’s 24-hour range: $45,741.74-$50,213.03 (CoinDesk 20).
  • BTC is trading above its 100-hour and 200-hour averages on the hourly chart, a bullish signal for market technicians.

Bitcoin Briefly Climbs Back Above $50K for First Time in Six Days
Bitcoin's hourly moving averages and price.
(CoinDesk/Tradingview)

The push past $50,000 came as the Chicago Board Options Exchange’s announced an official filing to list shares of VanEck’s BTC exchange-traded fund.

Trading volume was strong on Monday, as bitcoin’s price rose 9.7%, the most in three weeks, according to data from the Bitstamp exchange.

“We have seen an increase in cryptocurrency offerings from the largest investment banks including bitcoin research, custody, trading, and prime brokerage,” said Kyle Davies, co-founder of Three Arrows Capital. “I expect these offerings to grow as global investment banks embrace cryptocurrencies.”

Cryptocurrencies were up across the board alongside bitcoin, with stellar, XRP and ether also gaining.

The mood was mixed, with some traders expressing caution:

“We’ve seen lots of signs of cooling off in BTC — price decreasing, lower premiums, less volatility,” Sam Bankman-Fried told CoinDesk via Telegram on Monday. “That obviously doesn’t say for sure what will happen in the future though.”

In Asia markets, the ASX All Ordinaries Index is up 0.57%, the NIKKEI 225 Index is up 0.61% and the Hang Seng Index is also in the green, up 1.63% on the day.

The largest cryptocurrency continues to claw back ground after last week suffering its biggest loss since March 2020.

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