Bitcoin price rises past $50,000 then retreats
Bitcoin’s price surged past $50,000 on Monday for the first time since May, but the rebound from a months-long slump later ran out of steam.
The world’s largest cryptocurrency was last down 0.2% at $49,201. It had risen as high as $50,562 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 climbed 82% since hitting a yearly low of $27,700 in January.
Meanwhile, the price of rival cryptocurrency ether was last up 1.97% at $3,305. 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 Britain to buy, sell and hold bitcoin and other cryptocurrencies starting this week.
Reference: Reuters
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