Bitcoin at $50,000 as BofA says it’s ‘too large to ignore’

NEW YORK. Bitcoin rallied to around $50,000 as Bank of America strategists threw their weight behind crypto as a new asset class.

The gain brings prices to the highest since early September, when El Salvador rolled out the cryptocurrency as legal tender. Bitcoin rose as much as 2.8 per cent in New York to touch $50,369.

Bitcoin has been slowly making its way back after a meltdown in May that was triggered by China’s clampdown on crypto mining. Prices are up more than 60 per cent since July. With its latest rally, Bitcoin has broken through two key resistance levels and is now trading at the higher end of its two-month-long consolidation range. (Washington Post)