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Bitcoin reclaims $50,000, hits one-week high as risk appetite returns

The cryptocurrency was last trading at $51,607




climbed to a one-week high as risk appetite in returned and investors considered the regulatory issues facing cryptocurrencies.

The digital token climbed 7 per cent to trade above $50,000 in early London trading. It was last trading at $51,607.

On Tuesday, prices dipped 2.9 per cent after Gary Gensler, nominee for chairman of the US Securities and Exchange Commission, said that making sure crypto are free of fraud and manipulation is a challenge for the agency.

Gensler, who served as a Commodity Futures Trading Commission chairman during the Obama administration, has been viewed as a strong advocate for digital assets. He serves as a senior advisor to the MIT Media Lab Digital Currency Initiative and teaches about blockchain technology and digital currencies.

“While the market reacted quickly to his comments, Gensler was largely positive about and cryptocurrencies,” said John Wu, president of blockchain technology firm Ava Labs. “I’m hopeful the new administration will help foster innovation in blockchains, cryptocurrencies and digital assets, instead of stifling it.”

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First Published: Wed, March 03 2021. 15:47 IST