LONDON (Reuters) – Bitcoin’s price surged past $50,000 on Monday for the first time since May, continuing its rebound from a months-long slump.
The world’s largest cryptocurrency rose to $50,341, as investors bet that the prospect of more U.S. stimulus spending would lead to further gains, and more mainstream financial services firms made moves in the nascent asset class.
Bitcoin has risen 81% since hitting a yearly low of $27,700 in January.
Meanwhile, the price of rival cryptocurrency ether rose 2.8% to $3,337. The virtual coin has risen 91% since slumping to below $1,740 last month.
The cryptocurrency recovery comes as some more established financial services companies offer their customers access to virtual coins. PayPal Holdings Inc said on Monday it would allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week.
Some traders believe the bitcoin market has yet to see the full return of retail investors, suggesting the current upswing could have further to go.
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“The last time bitcoin was at $50,000, the Google trends (tracking website showing Bitcoin searches) was much higher than what it is now,” Marcus Sotiriou, a sales trader at the UK based digital asset broker GlobalBlock, said in a note.
“This suggests that retail euphoria hasn’t entered the market yet and bitcoin has a long way to go in this market cycle.”
(Reporting by Anna Irrera; Editing by David Holmes)
Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.