CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Bitcoin holds above $50,000

By Monte Stewart

02:00, 6 October 2021

Photo of Bitcoin tokens
Cryptocurrencies stage a comeback – Photo: Shutterstock

Bitcoin’s price broke through the $50,000 threshold Tuesday and peaking at over $51,800 after conventional North American markets closed.

“(Tuesday’s) close will be highly important for the future path,” said London-based AvaTrade chief market analyst Naeem Aslam in a tweet, noting Bitcoin hit the $50,000 mark for the first time in four weeks.

Other cryptocurrencies also rise

Bitcoin’s bulge coincided with upward movement from other cryptocurrencies, including Ethereum. Meme token Shiba Inu’s spiked more than 27% after Tesla founder Elon Musk posted a picture of his puppy on Twitter. The dog’s breed bears the same name as the token.

Investors may have been reacting to deVere Group founder and CEO Nigel Green’s recent prediction that Bitcoin could reach $100,000 by the end of 2021. He upped his forecast from $65,000.

In a recent blog post, Green attributed the heightened outlook to a few key factors, including:

What is your sentiment on ADA/USD?

0.57722
Bullish
or
Bearish
Vote to see Traders sentiment!

XRP/USD

0.70 Price
+2.150% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

DOGE/USD

0.39 Price
+3.080% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

BTC/USD

90,005.65 Price
+1.580% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

ETH/USD

3,228.70 Price
+2.360% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00
  • US Federal Reserve chair Jerome Powell’s recent pledge not to ban cryptocurrencies
  • mounting interest from institutional investors
  • “mega influencers” like Musk, Twitter CEO Jack Dorsey, and Ark Investment CEO Cathie Wood
  • Bitcoin and other cryptocurrencies altering the way the world handles money.

Going global

“Investors appreciate the intrinsic value of digital, borderless, global currencies for trade and commerce purposes in increasingly digitised economies in which businesses operate in more than one jurisdiction,” Green wrote.

“This (appreciation) will only increase as mass global adoption increases,” he wrote

El Salvador’s adoption of Bitcoin as legal tender in September will only increase its global use, he wrote. Bitcoin’s momentum will also boost other major digital assets, such as Ethereum and Cardano.

“After its recent mini price dip, Bitcoin came back with a bang, and there’s very little reason to think it won’t continue this uptick and surpass past record highs,” Green wrote.

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading