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Bitcoin crosses $50,000 mark for the first time in four weeks

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Bitcoin crosses $50,000 for the first time in four weeks

Bitcoin, the world’s largest cryptocurrency by market cap, climbed above $50,000 for the first time in four weeks on Tuesday, adding to a series of gains since early October.

The cryptocurrency fell below that level on September 7 amid widespread selling in shares of cryptocurrency and blockchain-related firms that day. It continued to decline in September, reaching a low of $40,596 on September 21.

On Tuesday, bitcoin rose 2.35 percent to $50,398.10.

Data from digital asset manager CoinShares on Monday showed crypto investment products and funds registered an influx for the seventh week in a row, as institutional investors warmed to more supportive statements from regulators.

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