Bitcoin Crosses $50,000
Bitcoin traded as high as $50,584.84, up about 5% for the day and more than 74% for the year, according to CoinDesk. (Wall Street Journal)
The $50,000 level is an “emotional level for people in the space,” said Brian Melville, head of strategy at trading firm Cumberland. But it is also a simple result of supply and demand, he added. From August through December, about 150,000 new bitcoins were minted, he estimated. The firm calculated that about 359,000 bitcoins were bought in the same period, and that imbalance has continued in 2021. “It’s a really important metric to watch,” he added.