While Bitcoin Crosses $50,000, Stocks Take A Hit

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Bitcoin is once again trading above the $50,000 mark. The stock markets on the other hand have taken a hit. The recent report from the U.S. Bureau of Labor Statistics revealed that nonfarm payrolls have been at their lowest in the past seven months. 

The shift from conventional investments to Bitcoins was evident as bitcoins gained to reach the top in the past three months while the Stock prices went down amidst the job report. 

A report from the top Bitcoin and crypto news portal CoinTelegraph quotes Petr Kozyakov, co-founder and CEO of payment network Mercuryo: “The cross-over above the $50,000 price mark has revealed two crucial discoveries for the digital currency,.” 

“One is that the premier cryptocurrency still has the inherent features that attract investors and buyers, and secondly, the increased price valuation has not yet eliminated the volatility that surrounds the digital asset.”

Kozyakov also believes Bitcoin will soon grow in value to $55,000 and in the next few months, it can smash its previous record. He believes the monetary policies would help the leading cryptocurrency attract more investors that will consequently push its prices. 

Bitcoin is already up by over 3% in the last 24 hours. Earlier this year the top cryptocurrency had touched the $64,000 mark. The market reflects investor sentiments and other leading altcoins are also on a roll.

Recently, the world’s third-largest cryptocurrency by market capitalization, Cardano also set a new record. Cardano’s ADA tokens crossed the $3 price benchmark for the first time.

Utsav K.
Utsav K.
Utsav is a senior crypto journalist and has been an active member in the community from even before the first major crypto boom back in 2017. In his writings, he focuses on analysing price trends and investigating policies. If you want to understand the practical implications and uses of complex technical protocols, he is your guy.

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