RIYADH: Bitcoin, the world's largest cryptocurrency by market value, rose above the $50,000 level for the first time in four weeks on Tuesday, adding to a series of gains since the start of October.
The cryptocurrency fell below that level on September 7 amid a broader selloff in shares of cryptocurrency and blockchain-related firms that day. It continued to fall in September, hitting a low of $40,596 on September 21.
Cryptocurrency investment products and funds recorded inflows for a seventh straight week, as institutional investors warmed to more supportive statements from regulators, data from digital asset manager CoinShares showed on Monday.
Bitwage, the leading cryptocurrency-based payroll and invoicing company, has raised $1.5 million in its latest funding round.
It will use the funds to expand its functionality, as it now faces competition from Coinbase, which has launched a similar service for US citizens.
The round was conducted by Bnktothefuture, an online platform that allows registered investors to support projects directly.
The company achieved its goal with the participation of Draper Associates and Max Keiser’s Heisenberg Capital.
"When we first started in 2014, Bitcoin payroll was just a niche for cypherpunks and crypto anarchists. The tailwinds are picking up for Bitcoin and cryptocurrency payroll to become a massive multi-billion dollar industry,” Jonathan Chester, CEO of Bitwage said.
No more cryptocurrency
Former US President Donald Trump commented on the growing popularity of cryptocurrencies and the crypto crackdown by the Chinese government.
“I don’t want to have other currencies coming out and hurting or demeaning the dollar in any way,” he said
Meanwhile, the CEO of global investment bank JPMorgan Chase, Jamie Dimon, continues to voice his anti-Bitcoin and anti-crypto stance, stating that Bitcoin has no intrinsic value and that regulators will get out of it.
"If people are using it for tax avoidance and ransomware, it’s going to be regulated, whether you like it or not,” he said in an interview with Axios on HBO, adding; “It’s got no intrinsic value, and regulators are going to regulate the hell out of it.”
Shark Tank star Kevin O'Leary, better known as Mr. Wonderful, revealed that his portfolio now has greater exposure to cryptocurrencies than gold for the first time.
He also hopes to increase his allocation to cryptocurrencies to 7 percent in the next few months, justifying that he does not see a situation where crypto disappears.
"For the first time ever, my crypto exposure is greater than gold,” he tweeted on his official account.
Bitcoin, the leading cryptocurrency in trading internationally, traded higher on Tuesday, rising by 3.84 percent to $50,082.55 at 5:27 p.m Riyadh time.
Ether, the second most traded cryptocurrency, traded at $3,446.84, up 1.58 percent, according to data from Coindesk.