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Bitcoin surpasses $50K as trading volumes soar

By Daniela Ešnerová

09:00, 5 October 2021

Bitcoin passed $50K on Tuesday.
Bitcoin – Photo: Shutterstock

Bitcoin climbed 5.5% to break the $50,000 trading mark on Tuesday morning – a level it has not reached since mid-August.

The original cryptocurrency was trading at $50,200 by midday in London, and the other major cryptocurrencies were also seeing gains. Ethereum rose 3.48% to $3,455 and Ripple was up 3.03% to $2.24.

Regulation effects

Bitcoin has been moving between $40,000 and $50,000 in the last month. Last week, all crypto market watchers’ eyes were on the US Securities and Exchange Commission, as the regulator was set to rule on applications for the first ever crypto exchange-traded fund. The event ended up being less market-moving than expected, as SEC postponed its ruling yet again.

A survey by digital asset management firm CoinShares of fund managers who oversee a total of $400bn showed that regulatory concerns were the main reason for not investing in crypto.

“Our analysis has highlighted a close link between government regulation and volatility in digital asset prices,” the survey said.

ETH/USD

3,305.07 Price
-3.420% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

XLM/USD

0.45 Price
-10.760% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.00216

XRP/USD

1.32 Price
-12.320% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

BTC/USD

96,412.50 Price
-1.810% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

It added: “We believe this is understandable given we are witnessing the birth of a new asset class, with regulators only just beginning to work out ways to regulate.”

While bitcoin conquered a psychological milestone today, prompting bulls to predict further growth, the majority of institutional investors (42%) tipped Ethereum as the cryptocurrency with the most appealing growth outlook, with only 18% picking bitcoin. 

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Volumes up in September

Data published on Tuesday by MejoresApuestas.com showed that US dollar-linked stablecoin Tether was the most traded digital asset in September, with monthly trading volumes of $2.8trn – up from $1.8trn in August.

Bitcoin was the second most traded crypto, with volumes of almost $1.2trn, up 53% from August. Ethereum witnessed trading volumes of $750bn, up from $393bn a month before.

Read more: Bitcoin price prediction: will it surge to 0k?

Markets in this article

BCH/USD
Bitcoin Cash / USD
490.95 USD
-18.1 -3.560%
ETH/BTC
Ethereum / Bitcoin
0.03456 USD
-0.00059 -1.690%
XRP/USD
Ripple / USD
1.31867 USD
-0.18452 -12.320%

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