Bitcoin Slams $50,000, First Time Since May

Aug 24, 2021 0 comments


As the crypto market continues to recover from a spring crash and subsequent summer slump, the pioneer crypto-asset returned to $50,000 on Sunday evening.

By market value, the flagship crypto-asset exceeded $50,000 amid increased buying pressures. Data retrieved from the FTX exchange shows it’s up 2.6% for the day, about 6% in the last week, and 55% in the past month.

The last time Bitcoin reached $50,000 was at the beginning of May, just after Elon Musk said Tesla no longer would accept Bitcoin as a payment for its cars. Following that announcement, Bitcoin’s value plummeted in the weeks and months following.

In the wake of Tesla’s purchase of $1.5 billion in Bitcoin just three months earlier, Musk made a 180-degree turn that stunned investors.

Following last week’s announcement that China would take action against Bitcoin mining and trading-and later did-the damage was further exacerbated.

Since the bad news fell on all major crypto assets, there was an immediate plunge in the wider crypto market.

When prices rise, more coins return to profit. Using Glassnode data, further helped to determine both how many bitcoins were accumulating at particular price levels, and our ability to assess the aggregate market incentive for selling and realizing gains.

Among the circulating coin supply, 19.2% has turned profitable between July’s low of $29.7k and the present price of $47.0k. The last BTC spent totals 3.6 million, which means the on-chain cost basis belongs to this range.

From this, we can deduce that a very significant volume of BTC has been accumulated in this price range.

Additionally, observe how much greater this jump in profitable supply is in contrast to January prices of $30k-$40k. In total, this means approximately 1.4 million additional bitcoins have been revalued in this price range since then.

Bitcoin’s price has dropped below $30,000 on several occasions over the past several months, losing more than half its value. Nevertheless, the market has gradually recovered the majority of the loss.

By breaking above 50k future neat numbers can be reached, such as $55,000 and $60,000.

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