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The rise in Bitcoin prices is associated with the recovery in the stock market. /Courtesy
After a sharp drop, Bitcoin was trading at its lowest level in almost six months, but in the past 24 hours the cryptocurrency rebounded and surpassed $60,000, according to data from the Coingecko portal.
The platform published a history of hundreds of digital assets, confirming that Bitcoin fell to August 5: $49,000affected by the global stock market crash.
After climbing to its lowest price since February 2024, Bitcoin has returned to the safety of $50,000 and has remained in that range since last Monday.
As of August 8, Bitcoin hit $60,000. /Courtesy
The positive trend led Bitcoin to hit $60,000 on August 8, after failing to reach that level for four days.
The price has since fluctuated between $59,000 and $62,000.
Stock Market Recovery Helps Bitcoin
According to Bloomberg, the rise in Bitcoin prices will be associated with a recovery in stocks across different stock markets around the world.
Justin d’Anethan, head of business development for Asia Pacific at Keyrock, told Bloomberg that macroeconomic factors will continue to play a decisive role for assets such as Bitcoin.
As of 11:06 a.m. this Friday, the price of Bitcoin remained at $60,397, with the lowest bid being $59,319.53 and the highest bid being approximately $62,490.
Despite a recovery in recent days, the market’s most popular asset is still far from its all-time high of $73,737.94. According to Coingecko, the cryptocurrency is 18% below the milestone reached on March 14.
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