Bitcoin rises above $50,000 as the world’s largest cryptocurrency continues to rebound from its collapse three months ago
The unit climbed around two percent to $50,249.15, its highest since mid-May, when it began tumbling on a range of issues including China's crackdown on cryptocurrencies 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 with Musk saying the electric-car maker will most likely restart accepting bitcoin as payments while several other high-profile investors including Twitter founder Jack Dorsey have also flagged their interest.It has now risen more than 70 percent 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 Monday that it was "getting nearer the higher end of what I expect as a new trading range in the low-$40,000s to low-$50,000s".READ MORE:
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