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The price of bitcoin climbed over $51,000 on Friday, reaching its highest level since the middle of May.
The world's biggest and best-known cryptocurrency is up 81% from this year's low of $27,734 on Jan. 4.
Investors say bitcoin’s movement coincided with hundreds of millions of dollars in options expiries on Friday. They also pointed to Fed Chair Jerome Powell’s dovish Jackson Hole, Wyoming, speech, suggesting that bitcoin is seeing a catch-up trade as most other assets reacted at the time except for bitcoin. Countless reasons for the rise, the price is the only thing that matters.
Trivia: Bitcoin Will Soon be ‘Legal Tender’ in El Salvador.
On Sept. 7, 2021, El Salvador will become the first country to make bitcoin legal tender. The government even went a step further in promoting the cryptocurrency’s use by giving US$30 in free bitcoins to citizens who sign up for its national digital wallet, known as “Chivo,” or “cool” in English.
Rip for their commodity price.
Source:
Bitcoin rises this week to $51,000, highest since May
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