Bitcoin is starting to bounce back again. For the first time in 5 days, bitcoin has seen the biggest jump in more than a month.
The price of bitcoin has reached above $49,000. This rise in bitcoin prices came amid rising risk sentiment. Bitcoin is the largest cryptocurrency by market value.
Bitcoin was at a record high of $69,000 in early November, with bitcoin prices rising 5 per cent to $49,331 in New York trading. This is the biggest intraday jump in bitcoin prices since 18 November.
In the last 5 weeks, the price of bitcoin has fallen by about 30 percent. Prior to this, bitcoin prices hit a record high of $69,000 in early November.
Commodities Strategist Mike McGlone at Bloomberg Intelligence wrote in a research note, “Bitcoin futures (opening) 2 per cent up on the day of a 1 per cent drop in the S&P 500, crypto’s recent lows near $45,000, and significant gains at this level.”
Let us confirm the support. Meanwhile, according to reports, India’s much-awaited cryptocurrency bill may not be introduced in the current session of Parliament as the government is yet to finalize the details of the law.