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Cryptocurrencies

Bitcoin hits strongest level since May, breaching $50,000 mark

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Bitcoin hit its highest level since mid-May on Wednesday as bulls bid up the cryptocurrency after it breached the $50,000 mark in the previous session.

The world’s largest cryptocurrency in terms of market value rose 4.6 percent to $53,859.6. It passed the $50,000 mark for the first time in four weeks on Tuesday on mounting institutional interest.

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According to reports on Wednesday, Soros Fund management, owned by billionaire investor George Soros, confirmed at a Bloomberg summit that the fund is trading bitcoin.

“We own some coins -- not a lot,” Dawn Fitzpatrick, the fund’s chief executive, was quoted as saying.

Read more: Bitcoin hits $50k for first time in four weeks