Bitcoin is back in force. After several weeks of hesitation, the price of the cryptocurrency settled above $ 50,000. Despite China's latest wake-up call, the digital currency is now trying to climb above the $ 55,000 threshold.
The price of Bitcoin has started to rise again. After the peaks reached at the start of the year thanks to the successive announcements of PayPal or Visa, or the massive investments of Tesla and MicroStrategy, the cryptocurrency had fallen for several months between 30,000 and 40,000 dollars. Elon Musk's turnaround, threats from Beijing and protests in El Salvador after its adoption have plagued the progress of the digital currency.
After weeks of hovering in the $ 40,000 range, Bitcoin's price finally broke the $ 50,000 resistance soon after Federal Reserve Chairman Jerome Powell made statements. Despite his hostility to the sector, the leader does not want to ban cryptocurrencies in the United States.
BITCOIN ATTACKS $ 55,000 THRESHOLD DESPITE CHINESE CRACKDOWN
Bitcoin did not stop at the $ 50,000 threshold. A few hours later, the cryptocurrency launched an assault on the resistance of $ 55,000 . As of this writing, Bitcoin is stagnating around $ 54,500. Unsurprisingly, the price of the cryptocurrency queen hasn't long been marred by China's latest threats.
At the end of September, the Chinese government once again announced the ban on cryptocurrencies on its territory. China had already issued a similar warning last May . Beijing regularly issues threats of this ilk in order to curb the growth of the crypto-asset market. But, as Edward Snowden notes, “Bitcoin got stronger after the ban on cryptocurrencies in China” .
The price of Bitcoin is tirelessly heading towards its highest level reached last May, $ 64,500. Once this symbolic threshold is reached, many observers believe that the currency could continue its trajectory to 100,000 dollars by the end of the year . This is notably the opinion of Florian Grammes, Managing Director of Midas Touch Consulting. The leader expects inflation to push investors towards the mother of cryptocurrencies.
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