Bitcoin hits US$50k for first time in four weeks

LONDON : Bitcoin, the world’s biggest cryptocurrency by market value, rose above the US$50,000 mark for the first time in four weeks on Tuesday, adding to a series of gains since the start of October.

The cryptocurrency fell below that level on September 7 amid a broader selloff in shares of cryptocurrency and blockchain related firms that day. It continued to fall in September, hitting a low of US$40,596 on September 21.

On Tuesday, Bitcoin rose as much as 2.35per cent to hit US$50,398.10.

Cryptocurrency investment products and funds recorded inflows for a seventh straight week, as institutional investors warmed to more supportive statements from regulators, data from digital asset manager CoinShares showed on Monday.

(Reporting by Ritvik Carvalho; Editing by Rachel Armstrong)

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