Home Business Bitcoin rips above $ 50,000 and is now worth more than Facebook. Crypto euphoria returns in symbiosis with increased fears of hyperinflation

Bitcoin rips above $ 50,000 and is now worth more than Facebook. Crypto euphoria returns in symbiosis with increased fears of hyperinflation

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Bitcoin & co. in dusting with investors who. After yesterday the world’s largest cryptocurrency climbed above $ 50,000, the highest level at about a month, today it is confirmed as rising to $ 51,670 (+ 4.7% in the last 24 hours). Ethereum also did well close to $ 3,500 (+ 3.1%). According to some experts, the flare-up of inflation fears and the volatility of the stock markets may have favored bitcoin. “Inflation fears are driving a cryptocurrency renaissance and I don’t think it will pass anytime soon,” said Chris Kline, chief operating officer and co-founder of Bitcoin IRA.

In the last week the bitcoin marks + 22% with the market cap back close to the 1 trillion dollar threshold. The latest price hike pushed capitalization above Facebook’s market value, aided by the social media giant’s crash on Monday. Over + 20% also for the Ethereum in the last week e + 30% of the Dogecoin.

The US Bank, the fifth largest retail bank in the United States, announced yesterday that its cryptocurrency custody service is available to fund managers. US Bank’s vice president of asset management and investment services, Gunjan Kedia, explained that the bank will thereby help investors store private keys for Bitcoin, Bitcoin Cash and Litecoin with the help of NYDIG. Kedia also announced that support for other digital assets such as Ethereum will also be coming soon.

On the opposite side yesterday the former president Donald Trump è reiterated his concerns that rapidly proliferating digital currencies pose a threat to the US dollar’s status as a global reserve currency. Among the critics of cryptocurrencies the number one of JP Morgan is confirmed, Jamie Dimon, who said the cryptocurrency, which now has a market value of around $ 970 billion, is “some crazy gold,” adding that it “has no intrinsic value” and expects regulators to regulate it.

See also  Inflation in the U.S. has exceeded expectations, why is the yield of 10Y U.S. Treasuries falling? | Global Weekly|US Treasury_Sina Finance_Sina.com

Federal Reserve Chairman Jerome Powell said last week that the central bank has no plans to be as hard on bitcoin as it has been. China.

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