For the first time since September 7th of this year, the day El Salvador took on the most significant cryptocurrency as lawful tender, Bitcoin has hit $50,000 on the Binance exchange!

Using a preferred tool for measuring Bitcoin market belief called the Crypto Fear and Greed Index, we can see it is now flashing “greed.”

The benchmark crypto came close to regaining its psychological price point hitting $49,811 on the Bitstamp exchange this morning. Bullish investors stepped in to increase the price of Bitcoin even greater following numerous rejections.

After recovering from the El Salvador sell-off, Bitcoin plunged due to troubles on China’s property market influencing the world economy in late September. Around the same time, the most prominent cryptocurrency was likewise hit hard after China presented its harshest acts yet against the crypto market.

On September 28th, the sentiment indicator from the Crypto Fear and Greed Index dipped into the “extreme fear” area when Bitcoin was nearing the $40,000 mark. This, as some expected, marked the bottom of the correction.

The biggest cryptocurrency is currently up 21% over the previous week, with “Uptober” living up to its name.

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