Bitcoin reaches $50,000 for the first time in two years, Tether and USD coin see losses

On Tuesday, February 13, a profit of 3.76 percent was recorded in Bitcoin. Currently, the world’s oldest, most expensive crypto asset is trading at $49,917 (approximately Rs 41.4 lakh) after crossing the $50,000 mark. This is the first time since November 2021 that Bitcoin has managed to reach $50,000 (approximately Rs 41.4 lakh). In the last 24 hours, Bitcoin price rose by $1,816 (approximately Rs 1.50 lakh), proving all the experts’ predictions correct. According to market experts, this surge is due to the strong performance of the US stock market, substantial inflows into spot Bitcoin ETFs, and the upcoming halving event.

Ether joined Bitcoin in gains on Tuesday. The second most valuable crypto asset, at the time of writing, is trading at $2,642 (approximately Rs 21.9 lakh) after seeing its price rise by 5.51 percent in the last 24 hours.

“Bitcoin now faces its next resistance at $50,250 (approximately Rs 41.7 lakh), moving towards the $51,200 mark (approximately Rs 42.4 lakh). The prevailing positive investor sentiment is manifested in the presence of active bullishness in the market. Concurrently, Ethereum has maintained its position above $2,600 (roughly Rs. 2.15 lakh), with bulls targeting the range at $2,717 (roughly Rs. 2.25 lakh),” Edul Patel, CEO of Mudrex, told Gadgets360.

Most altcoins are rising with gains on Tuesday. These include Ripple, Cardano, Avalanche, Dogecoin and Polkadot.

Other profit-making cryptocurrencies include Binance Coin, Solana, Chainlink, and Polygon.

The total crypto market cap increased by 3.78 percent in the last 24 hours. With this, the valuation of the crypto sector has increased to $1.87 trillion (approximately Rs 1,55,23,702 crore). coinmarketcap,

“As market momentum picked up, the world’s second-largest crypto by market cap, Ethereum (+6 percent), and its top layer-2 solutions, OP (+8.3 percent) and ARB (+7.5 percent) also rallied. Has started showing effect. If the momentum in BTC persists with only two months to go until the most sought-after event in the crypto ecosystem – the BTC halving – there is strength for a move towards another local high, CoinSwitch Markets Desk told Gadgets360.

Meanwhile, Tether, USD Coin, Bitcoin Cash, LEO and NEM recorded losses on Tuesday.

“Traders should pay attention to the US CPI announcement today, as it has the potential to impact market volatility. It is advisable to remain vigilant in response to such incidents,” the CoinDCX team told Gadgets360.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information provided in the article is not intended to constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any loss incurred from any investment based on any speculative recommendation, forecast or any other information contained in the article.

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