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Bitcoin reaches $51,000 for the first time in two weeks as it goes into the holiday season.
Bitcoin surpassed $51,000 on Friday, marking the cryptocurrency’s first significant gain in two weeks.
The cryptocurrency’s breach of $50,000 heralds a “Santa Claus rally” to round out the year on a positive note.
Investors’ appetite for risky assets is returning as concerns about the Fed’s speedier taper and Omicron diminish.
Bitcoin rose beyond $50,000 on Friday, mirroring the positive tone in other financial markets as investors brushed off Omicron worries in preparation for the Christmas season.
As we enter the final week of December, cryptocurrencies, like other risky assets, appear to be preparing for a so-called “Santa Claus rally” in anticipation of a solid close to the year.
Bitcoin, the leading cryptocurrency, burst past $50,000 late Thursday after remaining below the psychological mark for two weeks. According to CoinGecko statistics, it was trading 5% higher at $51,191 at the time of the previous check on Friday.
This month, investors have confronted a wall of anxiety as a result of the Federal Reserve’s decision to reduce assistance for the US economy and the fast spread of the Omicron coronavirus variety.
