The world’s largest cryptocurrency, Bitcoin, on Monday soared above $50,000 — making it the first time in three months — as investors piled back into the cryptocurrency on bargain-buying.
The crypto surged by around two percent to $50,249.15, making it the highest increase recorded since mid-May when it started crashing on a range of issues which among them was China’s crackdown on cryptocurrencies and Tesla CEO, Elon Musk’s announcement to suspend accepting Bitcoin as a payment option.
Tesla has since shown its support for bitcoin, several other net worth investors including Twitter founder Jack Dorsey have also indicated their interest.
Bitcoin has now climbed more than 70 percent from its ruins six-month lows below $29,000 touched in June, and speculation is swirling that it could begin its push towards $100,000.
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An investment expert, Rick Bensignor, at Bensignor Investment Strategies, stated on Monday that it was “getting nearer the higher end of what I expect as a new trading range in the low-$40,000s to low-$50,000s”.
Bitcoin is still, for now, a long way off its record just below $65,000 that it achieved in April.
However, the Central Bank of Nigeria (CBN) has continued to caution Nigerians against trading in cryptocurrencies. In February, it ordered commercial banks to shut bank accounts of individuals or entities involved in crypto transactions.
