Bitcoin returned to the $50,000 mark on Sunday evening, a major price milestone as the crypto market continues to break out from its spring crash and subsequent summer slump.
The world’s largest cryptocurrency by market cap just surpassed $50,000. At the time of writing, it’s up 2.6% in the last 24 hours, 5.6% in the last week, and 55% in the past month, according to CoinGecko.
The last time Bitcoin saw $50,000 was in mid-May, just after Tesla CEO Elon Musk said his company would no longer accept Bitcoin as payment for its cars due to environmental concerns. That news along with a crackdown in China sent Bitcoin tumbling in the days and weeks that followed.
Musk’s 180-degree turn stunned investors since Tesla had bought $1.5 billion worth of Bitcoin just three months earlier, and that purchase had boosted confidence among institutional and retail investors.
The damage was further exacerbated the following week when the Chinese government vowed to crack down on Bitcoin mining and tra
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