Bitcoin price surges to $50,000 for first time in four weeks

The cryptocurrency fell below that level on September 7 amid a broader selloff in shares of cryptocurrency and blockchain related firms that day.  

Bitcoin, the world’s biggest cryptocurrency by market value, surged above the $50,000 mark for the first time in four weeks on Tuesday, as market capitalization rose more than 5% to hit $50,312.

Though 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 $40,596 on September 21.

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.

Bitcoin recorded its third straight week of inflows. Ethereum products and funds, meanwhile, posted another week of inflows totalling $20 million, despite conceding market share to bitcoin in recent weeks. Inflows to ether, the token for the Ethereum blockchain, so far this year amount to $1 billion.

Another report showed that India, Vietnam and Pakistan are helping to lead the expansion of cryptocurrency markets in central and southern Asia, according to Chainalysis. India’s market grew 641% over the past year and Pakistan’s 711%, a report from Chainalysis showed, using a metric that estimates the total cryptocurrency received by a country.

(With inputs from agencies)