Bitcoin Recaptures $50,000 After Declining for Over Week

Bitcoin Recaptures $50,000 After Declining for Over Week

The flagship cryptocurrency is now back above the $50,000 price mark after losing it on Aug. 23 and hitting lows at $46,000 and $47,000 several times.

At the moment, BTC is changing hands at $50,131 on the Kraken exchange. Now, Bitcoin is down 22.72% from its all-time high of $64,863 reached on April 14.

Since Sept. 1, Bitcoin has shown more than 5% growth from the $47,670 level to over $50,000 by now.

The Bitcoin hashrate has been recovering recently at a fast pace as miners forced to leave China earlier this year have resumed operations in other locations. As per data from the CryptoQuant data vendor, miners have been purchasing mining gear since June, which proves they may have been expecting the Bitcoin price to rise and hold well above the $48,000 level soon enough.