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Bitcoin price soars past US$50,000 after months-long slump

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Bitcoin‘s price surged past US$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 US$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 per cent since hitting a yearly low of US$27,700 in January. Meanwhile, the price of rival cryptocurrency ether rose 2.8 per cent to US$3,337.

The virtual coin has risen 91 per cent since slumping to below US$1,740 last month. The cryptocurrency recovery comes as some more established financial services companies offer their customers access to virtual coins.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
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Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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