Bitcoin reached $50,000 on Sunday, a record for the cryptocurrency. This is a sign that Bitcoin continues its rebound.
Around 10:40 p.m., the digital coin rose above this level. According to CoinDesk data, ET was observed on Sunday.
Bitcoin reached an all-time high of $64,000 in April, but it fell sharply in June and July. It even dropped below $30,000. Recurrent Chinese regulatory scrutiny has led to bitcoin mining operations being forced to close down and relocate elsewhere.
Since mid-July, however, bitcoin has been steadily rising.
Two key announcements in the last few days have been good news for the cryptocurrency industry. Coinbase announced last week that it would purchase $500 million worth of crypto from its balance sheet and invest 10% in a portfolio of crypto assets.
