Bitcoin reclaims $50,000 for the first time in a month.
Prices of the world’s largest cryptocurrency have risen to their highest levels since early September when El Salvador made Bitcoin legal tender.
Bitcoin surged beyond $50,000 as Bank of America Corp. analysts backed crypto as a new asset class.
Prices have risen to their greatest level since early September when El Salvador made cryptocurrencies legal tender. In early New York trading, bitcoin was up 2.5 percent, having previously reached $50,307.
According to Alkesh Shah and Jessica Reif Ehrlich, the world of digital assets is “too big to ignore.” “In our opinion, there may be greater opportunity than doubters believe.”
Despite its numerous flaws, crypto is gaining traction on Wall Street, according to the Bank of America analysis. China slapped a total ban on transactions just last month, while banking regulators in the United States are looking into some of the major cryptocurrency exchanges.
More regulation, according to Bank of America, could be beneficial to crypto in the long run. The confusion about how to invest in crypto will be eliminated once rules are created, according to the experts.
After a crisis in May precipitated by China’s crackdown on crypto mining, Bitcoin has been steadily regaining its earlier highs. Since a low in July, prices have risen by more than 60%.
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