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Bitcoin recovers from selloff and surpasses $ 50,000 again

Bitcoin rallied above $ 50,000, surpassing the key psychological level as bullish momentum returns after last week’s selloff.

The digital token rises more than 6% this Wednesday and is trading above $ 51,500, reaching the highest level in a week. The cryptocurrency has been volatile. Prices fell 21% last week and have rebounded with the broad rally in stocks.

Risk perception

The changes in bitcoin and Ethereum give “the impression that they are a general barometer of risk perception,” said Steen Jakobsen, chief investment officer at Saxo Bank.

On Tuesday, prices fell 2.9% after Gary Gensler, nominee for chairman of the U.S. Securities and Exchange Commission, said that ensuring crypto markets are free from fraud and manipulation is a challenge for the company. agency.

“While bitcoin reacted quickly to his comments, Gensler was very positive about bitcoin and cryptocurrencies. I hope the new Administration will help foster innovation in blockchains, cryptocurrencies and digital assets, rather than stifle them, ”said John Wu, president of blockchain firm Ava Labs.

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