- Bitcoin in terms of market value rose 4.6% to $ 53,859.6.
- It passed $ 50,000 on Tuesday for the first time in four weeks.
- Bitcoin fell below $ 50,000 in early September.
Bitcoin reached its highest level since mid-May on Wednesday as bulls bid for cryptocurrency after breaching the $ 50,000 mark in the previous session.
The world’s largest cryptocurrency measured in market value rose 4.6% to $ 53,859.6. It passed the $ 50,000 mark on Tuesday for the first time in four weeks on rising institutional interest.
In early September, bitcoin fell below $ 50,000 during a broad sell-off in shares of cryptocurrency and blockchain-related companies. It fell further in September, hitting a low of $ 40,596 on September 21st.
According to reports on Wednesday, the management of the Soros Fund, owned by billionaire investor George Soros, confirmed on a Bloomberg summit that the fund trades in bitcoin. “We own some coins – not much,” Dawn Fitzpatrick, the fund’s chief executive, was quoted as saying.