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Bitcoin Still Approaching High Levels This Year, Often Trading Facing


Bitcoin survived after hitting a high this year

LONDON:

Bitcoin on Tuesday stayed below this year’s highs, hitting the day before, with gains for the original cryptocurrency topping 27 percent since Russia’s invasion of Ukraine.

Bitcoin hit $ 48,234 on Monday afternoon, the highest since Dec. 31. It last traded up 0.9 percent at $ 47,553.

Its profits increase the smaller cryptocurrencies that tend to move in tandem with bitcoin. Ether, the second -largest token, hit $ 3,436 on Monday, the highest since early January.

Market players cite signs of emerging a new wave of crypto use by institutional investors and financial firms, whose interest over the past two years has driven the crypto journey to mainstream assets from specialized technologies.

Bitcoin has risen over 12 percent in the last week alone.

Among the supportive comments cited was by the chief executive of BlackRock Inc., who said last week that the Russo-Ukrainian war could end by speeding up digital currency as a tool to settle international transactions.

Such a move signals “growing confidence that the crypto market is worth dedicating more resources to,” said Noelle Acheson, head of market observation at U.S. crypto firm Genesis.

While bitcoin and other cryptocurrencies are now being talked about in the same breath as traditional assets from stocks and foreign exchange to bonds, it remains volatile as usual.

Bitcoin hit an all -time high of $ 69,000 in November, before falling nearly 30 percent in just 24 days.

Agrasmartcity

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