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Bitcoin cracks 56k barrier for the first time in five months

Bitcoin, the world’s most valuable digital currency, traded above $56,000 earlier today, extending its red-hot streak.

This recently achieved feat represents Bitcoin’s highest price level since May 12.

BTC/USDT Chart (Source: Binance)

The entire crypto market had suffered a great deal from brutal regulatory policies adopted by some major countries.

First, China tightened its already depressing stance on crypto, crippling the local mining industry and prohibiting the sales of cryptocurrency products.

Then across the Panama Canal, US lawmakers couldn’t decide whether or not to include crypto-taxation in the bipartisan federal infrastructure bill. 

All these added to the frequent doses of misinformation from some so-called reliable sources, fueled a bearish run that lasted over 4 months.

However, Bitcoin managed to turn the corner at the start of this month and is currently charging again, trading comfortably ahead of the $50,000 threshold.

Analysts predict that this run could see it cross $60k before the end of the year. Bitcoin is currently trading at $54,544 at the time of writing.

NEXT: Crypto Lending platform Celsius Network received $1B loan from Tether

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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