Bitcoin hit $50,000 on Sunday to reach a more than 3-month high, as the cryptocurrency continues to rebound.
The digital coin rose above that level around 10:40 p.m. ET on Sunday, according to data from CoinDesk.
Bitcoin hit an all-time high over $64,000 in April but sold off heavily in June and July, even dipping below $30,000. One of the major reasons was renewed regulatory scrutiny from Chinese authorities which has forced bitcoin mining operations to shut down and move elsewhere.
But since mid-July, bitcoin has been on a steady rise.
In the last few days, two key announcements have been positive for the cryptocurrency space. Last week, Coinbase said it would buy $500 million in crypto on its balance sheet and allocate 10% of profits into a crypto assets portfolio.
Meanwhile, other digital coins were also higher. Ether was trading up about 2% at $3,302.59.
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