Following a five-day losing streak, bitcoin was up roughly 8 percent Monday dawn to $53,600.
Last week, the cryptocurrency tumbled under $50,000 for the first time in a month — a steep decrease from its all-time large over $64,000 it attained in mid-April.
And although the last few months have been a roller coaster for its cryptocurrency, bitcoin has skyrocketed in value this year since it gained more mainstream approval. Cryptocurrency backers have spent decades demonstrating that bitcoin, ethereum along with other electronic coins can revolutionize the world of fund, and together with the achievement of Coinbase’s Wall Street introduction, these backers are now having their time.
Tesla has begun accepting bitcoin obligations for its automobiles, and the firm also holds a number of the electronic money on its own balance sheet. Meanwhile, Goldman Sachs will reportedly soon offer its personal wealth management customers paths to purchase bitcoin along with other electronic currencies, and Morgan Stanley announced it provides its rich customers access to bitcoin funds.