Bitcoin rises above $50,000 for first time in three months

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.

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.

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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 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.”

Bitcoin is still for now a long way off its record just below $65,000 that it achieved in April.

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