Reuters.- The price of bitcoin surpasses $ 50,000 this Monday for the first time since May, continuing its rebound from a multi-month slump.
The world’s largest cryptocurrency advances to $ 50,341 as investors bet the prospect of more stimulus spending in the United States could lead to more profits as more prominent financial services firms dive into the asset.
Bitcoin has gained 81% since hitting an annual low of $ 27,700 in January.
For its part, the price of a rival cryptocurrency such as ether improves 2.8% to $ 3,337. The virtual currency is up 91% since plummeting below $ 1,740 last month.
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The recovery of cryptocurrencies comes as more established financial services companies offer their clients access to virtual currencies. PayPal Holdings Inc said Monday that it will allow its customers in the United Kingdom to buy, sell and hold bitcoins and other cryptocurrencies starting this week.
Some traders believe that the bitcoin market is yet to see a full return from retail investors, suggesting that the current bullish streak could continue.
“The last time bitcoin traded at $ 50,000, Google trends (tracking websites showing searches for bitcoins) were much higher than they are now,” Marcus Sotiriou of the UK brokerage said in a note. GlobalBlock digital assets.
“This suggests that the retail euphoria has not yet entered the market and bitcoin still has a long way to go in this market cycle,” he added.
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