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Bitcoin, the largest cryptocurrency, broke above the crucial psychological threshold of $50,000 on Tuesday for the first time since Sept. 7.

“It’s too early to say whether this will turn into a new support level in the short term, but it is clear that the overriding market view is bullish,” said Jason Deane, analyst at Quantum Economics.

  • At press time, bitcoin was trading at $50,303, up 5.5% over the last 24 hours.

Read More: 4 Factors Helping Bitcoin to $50K as Stock Market Declines

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