Bitcoin breaks $50,000, surpasses Facebook’s market value

The price of Bitcoin yesterday surpassed the $50,000 mark, amid a significant recovery for the digital currency market.

The latest bull run has pushed Bitcoin’s market cap to nearly $1 trillion, surpassing Facebook’s market value.

Other top cryptocurrencies have also posted significant gains in recent days, with prominent names like Ethereum, Binance Coin, Solana, Ripple, and even Dogecoin all up between 15-30% since early October.

BTC already has a market value that surpasses Mark Zuckerberg’s company.

Bitcoin is still $10,000 below the all-time high of $64,000 it hit in mid-April 2021, although some analysts predict it could hit a new record high before that. Last year.

The latest bull run comes after months of upheaval, fueled by China’s decision to clamp down on crypto mining and a controversial $1 trillion infrastructure bill in the US that requires Tax reporting on crypto assets.

“This kind of news usually causes a short-term drop but doesn’t really affect the fundamentals , ” said Jonas Luethy, a trader at UK-based digital asset brokerage GlobalBlock. fundamentals in the medium and long term”.

Bitcoin’s price rally has been spurred by an announcement from the Swiss Financial Market Supervisory Authority (FINMA), which approved the first crypto investment fund of its kind in the country. A FINMA representative said the fund will “facilitate serious innovation … in a technologically consistent manner”.

Simon Peters, an analyst at online trading platform eToro, said the move will open up the crypto market to a new segment of high-volume investors.

“Considering that Switzerland has one of the largest banking sectors in the world and accounts for around 25% of global cross-border wealth management, the opportunity for investors to gain further access to fiat currencies Cryptocurrency can bring a lot of excitement to the crypto space , “ he said.

Independent reference