On Sunday night, bitcoin returned to the $50,000 mark, a major price milestone. The last time bitcoin was worth $50,000 was in mid-May, when Tesla CEO Elon Musk said his company would no longer accept bitcoin as payment for its cars because of environmental concerns. The news, and China’s crackdown, caused bitcoin to plunge in the following days and weeks.
Musk’s U-turn has shocked investors since Tesla bought $1.5 billion worth of bitcoin three months ago, and the purchase has boosted confidence among institutional and retail investors.
Bitcoin has fallen below $30,000 several times in the past few months, but most of the losses have been slowly recouped, and the rest of the market has followed.
Will it go back to $60,000? Bitcoin hit an all-time high of nearly $65,000 on April 14.