• Business

    • Bitcoin nears $50,000 after months of weakness

    By on August 22, 2021

    Bitcoin on Saturday approached $50,000 USD per coin, a promising sign after it saw major dips in July.

    According to Coindesk, Bitcoin reached a 24-hour high of $49,494 USD before dipping slightly on Sunday. As of Sunday afternoon EDT, Bitcoin was hovering around $48,000 USD.

    Other cryptocurrencies, including the Ethereum-linked Ether, also saw gains on Saturday.

    Since reaching a record high of nearly $65,000 USD in April, Bitcoin has been averaging around $30,000 USD to $40,000 USD per coin over the last few months, though it saw a steady rise in August.

    Earlier this week, popular no-fee trading app Robinhood released its second-quarter 2021 results, noting that over 60 percent of its net cumulative funded accounts were trading in crypto.

    According to the release, Robinhood said its customers engaged with crypto at “record levels” and “demonstrated significant interest in cryptocurrencies.”

    In addition, Bitcoin has recently been touted by celebrities including Megan Thee Stallion and Jack Dorsey, who announced this week that he was trying his hand at Bitcoin mining.

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