Bitcoin surges past $50k as rebound rolls on

Bitcoin is back on a roll.

The e-currency surged above $50,000 on Monday (August 23).

That was its first time above that level since May.

The world's largest cryptocurrency is benefiting as investors bet that U.S. stimulus spending will lead to more gains.

It's also been lifted by the increasing involvement in virtual money by mainstream financial firms.

Only on Monday, PayPal said it would allow customers in the UK to buy, sell and hold cryptocurrencies.

The bullish sentiment has also lifted rival ether.

It and bitcoin are now up 80-90% from their lows.

And some traders think the rally could have further to run.

One pointed out to Reuters that Google searches for bitcoin are still low compared to earlier in the year.

That could suggest that enthusiasm for bitcoin among retail investors is yet to really return as a driving force.

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