Finally Bitcoin Price Touches Nearly $50,000, Bitcoin Rebound Again?

Netgenz - Stock .Bitcoin price on Thursday (September 2) tried to break through again the level of US $ 50,000 which was reached last August 23, after days in the range of US $ 46,000-US $ 48,000.

Referring to CoinDesk data, the price of Bitcoin on Thursday touched US$ 49,880.44. At 13:46 WIB, the price of the oldest crypto in the world was at US$ 49,701.61 or up 5.19% compared to the previous 24 hours.

Bitcoin Rebound Again

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Positive sentiment overwhelms the world's largest-cap crypto asset, after Twitter Founder and CEO Jack Dorsey unveiled his plan this week to turn Bitcoin into the "native currency of the internet".

Dorsey's TBD business, which is a unit of his company Square, is working on a decentralized crypto exchange that will make Bitcoin more accessible to people around the world.

"The platform will be fully developed in the public, open-source, open-protocol, and any wallet will work," said Mike Brock, General Manager of TBD, who wrote a thread on Twitter outlining the project.

"There's no foundation or governance model that TBD controls. No permissions or busts. We want this to be genuine Bitcoin, from top to bottom," he said, as quoted by The Independent.

"While there are many projects to help make the internet more decentralized, our focus is solely on a global monetary system that is healthy for all," added Brock.

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The Commitment of Traders (COT) report published by the Commodity Futures Trading Commission (CFTC), the asset manager holds a record exposure of US$ 165 million.

“A positive asset manager net exposure for the first time since April indicates that the institution has turned bullish on Bitcoin,” Arcane Research wrote in its weekly report, as quoted by CoinDesk.

Some observers cite the recent decline in Bitcoin balances on Nasdaq-listed crypto exchange Coinbase as evidence of renewed demand from large investors.

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“Coinbase buyers are back,” said William Clemente, analyst at Blockware Solutions, as reported by CoinDesk.

Outflows on Coinbase are often seen as representing institutional demand, as the cryptocurrency exchange offers a storage solution that integrates directly with over-the-counter (OTC) desks.

Institutions usually trade over the counter to avoid influencing the spot market price.

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