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Business News of Tuesday, 25 May 2021

Source: www.legit.ng

Bitcoin investors gain $73.45 billion in one day

The photo used to illustrate the story The photo used to illustrate the story

• Investors saw their investment in bitcoin rise after a gain of 13.01% within the last 24hours

• About $73.45 billion was gained between the early hours of Monday and Tuesday as more investors entered the fold

• Despite the rise in bitcoin's value, the market is still experiencing fluctuating confidence among bitcoin community and outsiders

The good time seems to be gradually making its way back into the bitcoin community, as investors gained about $73.45 billion within 24hours. This reflects rising confidence among holders of bitcoin.

The gain was as a result of rising market value of the most popular cryptocurrency which has suffered significant losses in the last two weeks since Elon Musk announced on May 12, 2021, that Tesla will no longer receive bitcoin as payment option

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Bitcoin's market capitalisation was $666.83 billion in the early hours of Monday, but that amount rose to $739.83 billion around 1:00 am on Tuesday, as seen on cryptocurrency monitor, Coindesk.

During this period, bitcoin value had gained 13.01%, reflecting the green zone has found it's way back to the market following a long reign of red which triggered fear across the crypto market in the last two weeks.

As of early Monday, bitcoin was trading at $35,604 per coin, but it was trading at $39,527 early on Tuesday. This means bitcoin's trading price appreciated by $3,923 in one day.

Musk tweet had caused panic selloff among retail holders, pushing the cryptocurrency market into red zone - this lead to a price correction that ended the price bubble or bullish run; bitcoin price had depreciated to as low as below $35,000.

It is not certain if the bearish run has ended, as bitcoin price remain unstable and struggling to stay above $40,000 since it crashed from over $50,000 after Musk's tweet.