Bitcoin Surpasses $50,000 for the First Time in Three Months

The price of Bitcoin rose to over $50,000 on Monday for the first time in three months as investors returned to buying the cryptocurrency. Bitcoin's price increased by about 2% to reach $50,249.15, its highest level since mid-May, when its value began to decline due to a number of factors, including China's campaign to regulate the cryptocurrency market and Tesla CEO Elon Musk's decision to stop accepting it over concerns about the environmental impact of mining. Since then, Musk has expressed his support for Bitcoin, while many other prominent investors, including Twitter founder Jack Dorsey, have also shown interest. Its price has now risen more than 70% from its six-month low (below $29,000) recorded in June, with speculation increasing that it could reach $100,000. Rick Bensignor from "Bensignor Investment Strategies" stated on Monday that the cryptocurrency is "approaching the upper limit of what I expect as a new trading range between $40,000 and $50,000." Bitcoin remains far from its record high of $64,870 in April.