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Bitcoin Hits $50,000 For the First Time in History—And Then Dumps

Bitcoin Hits $50,000 For the First Time in History—And Then Dumps

The cost to purchase one Bitcoin surpassed $50,000 per token for the first time in history.

Traders pumped the flagship cryptocurrency towards a new record high of $50,645 ahead of the New York opening bell on Tuesday. Their upside bias took cues from a sequence of optimistic events that happened last week, ranging from Tesla’s $1.5bn investment into Bitcoin to the Mastercard and BNY Mellon’s decision to integrate the cryptocurrency into their existing financial services.

Pump, Dump, Pump Again

Bitcoin’s ballistic move above $50,000 also appeared against a weaker US dollar sentiment, led by the Federal Reserve’s open-ended quantitative easing programs and the US President Joe Biden’s relentless efforts to pass his $1.9tn coronavirus stimulus package through public support.

Read the full article at newsbtc.com

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