# Bitcoin price rises past $50,000 as rebound continues
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-08-23
Category: TRADING
Category URL: https://financedigest.com/category/trading
Meta Title: Bitcoin Price Surges Past $50,000 Amidst Stimulus Hopes
Meta Description: Bitcoin hits $50,341 with expectations of more gains. Financial firms embrace cryptocurrency, PayPal allows UK customers to trade. Potential for further growth
URL: https://financedigest.com/bitcoin-price-rises-past-50000-as-rebound-continueshtml

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LONDON (Reuters) – Bitcoin’s price surged past $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 $50,341, as investors bet that the prospect of more U.S. stimulus spending would lead to further gains, and more mainstream [financial services](https://www.financedigest.com/how-financial-services-leaders-can-prioritise-cybersecurity-investment.html "How financial services leaders can prioritise cybersecurity investment") firms made moves in the nascent asset class.

[Bitcoin has risen 81% since](https://www.financedigest.com/dollar-retreats-headed-for-biggest-weekly-loss-since-mid-january-bitcoin-down.html "Dollar retreats, headed for biggest weekly loss since mid-January; bitcoin down") hitting a yearly low of $27,700 in January.

Meanwhile, the price of rival cryptocurrency ether rose 2.8% to $3,337. The virtual coin has risen 91% [since slumping to below $1,740 last month](https://www.financedigest.com/uk-factories-suffer-worst-month-since-may-2020-as-economy-stumbles-pmi.html "UK factories suffer worst month since May 2020 as economy stumbles – PMI").

The [cryptocurrency recovery comes as some more established financial services companies offer their customers](https://www.financedigest.com/britains-nationwide-curbs-cryptocurrency-purchases-by-customers.html "Britain’s Nationwide curbs cryptocurrency purchases by customers") access to virtual coins. PayPal Holdings Inc said on Monday it would allow customers in the UK to buy, [sell and hold bitcoin and other cryptocurrencies starting this week](https://www.financedigest.com/this-is-the-best-week-for-cash-savvy-iphone-fans-to-sell-their-6s-models.html "This is the best week for cash-savvy iPhone fans to sell their 6s models").

Some [traders believe the bitcoin](https://www.financedigest.com/cryptoverse-bitcoin-traders-like-their-options.html "Cryptoverse: Bitcoin traders like their options") market has yet to see the full return of retail investors, suggesting the current upswing could have further to go.

The last time bitcoin was at $50,000, the Google trends (tracking website showing Bitcoin searches) was much higher than what it is now,” Marcus Sotiriou, a sales [trader at the UK based digital asset broker](https://www.financedigest.com/how-choosing-a-compliant-broker-benefits-traders.html "How Choosing a Compliant Broker Benefits Traders") GlobalBlock, said in a note.

This suggests that retail euphoria hasn’t entered the market yet and bitcoin has a long [way](https://www.financedigest.com/the-hiv-aids-testing-market-to-get-way-ahead-with-digitization.html "The Hiv Aids Testing Market to get way ahead with digitization") to go in this market cycle.

(Reporting by Anna Irrera; Editing by David Holmes)


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