Bitcoin rallied back above $50,000, surpassing the key psychological level as bullish momentum returned after last week’s selloff.
The digital token climbed 8% to trade around $51,500 in early U.S. trading, reaching the highest level in a week. The cryptocurrency has been volatile. Prices plunged 21% last week and have recovered with the broad bounce back in equities.
The swings in Bitcoin and Ethereum give “the impression that they are a general barometer of risk sentiment,” said Steen Jakobsen, chief investment officer of Saxo Bank.