Bitcoin broke above $50,000 (about Rs. 37.14 lakhs) on Monday for the first time in three months, as investors turned to cryptocurrency in bargain buys.
The unit rose about two percent to $50,249.15 (about Rs. 37.15 lakhs), its highest since mid-May, when it started to fall on a number of issues, including China’s crackdown on cryptocurrencies and Tesla boss Elon Musk’s decision to stop accepting it due to concerns about the environmental impact of mining.
The electric car giant has since indicated its support for Bitcoin, while several other high-profile investors, including Twitter founder Jack Dorsey, have also signaled their interest. The price of Bitcoin in India on August 23 at 10:16 am IST was Rs. 38.38 lakhs.
It has now risen more than 70 percent from the six-month lows below the $29,000 (about Rs. 21.53 lakhs) reached in June, and there is speculation that it could start its push to $100,000 (about Rs. 74.29 lakhs).
Rick Bensignor of Bensignor Investment Strategies said on Monday that he was “coming close to the upper limit of what I expect as a new trading range in the range of $40,000 (about Rs. 29.71 lakhs) to $US 50,000.”
Bitcoin is still a long way from its record, just below the $65,000 (about Rs. 48.27 lakhs) it reached in April.