Bitcoin broke back above $50,000 on Monday for the first time in three months, as investors piled back into the cryptocurrency on bargain-buying, AFP reported
The unit climbed around 2 per cent to $50,249.15, its highest since the middle of May, when it began tumbling on a range of issues, including China‘s crackdown on crypto-currencies and Tesla boss Elon Musk’s decision to stop accepting it on concerns about the environmental impact of mining.
The electric car giant has since indicated its support for bitcoin, while several other high-profile investors, including Twitter founder Jack Dorsey have also flagged their interest.
It has now risen more than 70 per cent from the six-month lows below $29,000 touched in June, and speculation is swirling that it could begin its push towards $100,000.
Rick Bensignor at Bensignor Investment Strategies said on Monday that it was “getting nearer to the higher end of what I expect as a new trading range in the low-$40,000s to low-$50,000s”.
Bitcoin is still a long way off its record just below $65,000 that it achieved in April.