Bitcoin Reclaiming $50,000
Although it has pulled back as of this writing, at its highs today, Bitcoin reclaimed the $50,000 level. That was the first time the world's largest cryptocurrency has traded above that threshold (on an intraday or closing basis) since December 28, 2021. As shown below, following the record high set in November 2021, Bitcoin cratered 76.5% over the next year. Since its bottom in November 2022, the crypto has managed to rally 214%. A significant portion of those gains have come since last summer with steep increases in the price of Bitcoin from October through December and another sharp push higher in the past few weeks. In fact, as recently as January 25th, it was trading below $40,000. But nearly three weeks and $10,000 later, Bitcoin is looking to join the 5.5% of days in which it has formerly traded above $50,000.
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Disclaimer: Bespoke Investment Group, LLC believes all information contained in this report to be accurate, but we do not guarantee its accuracy. None of the information in this report or any ...
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