After a gap of six days, Bitcoin briefly crossed the $50,000 mark during Asian trading hours Tuesday.
The most popular cryptocurrency is trading at $49,563 while writing this report. BTC's current market capitalization is $920 billion, and global trade volume is $48.25 billion.
Bitcoin's price rose by nearly 10 percent on Monday, after hitting a low of $43,021 on Sunday.
It is seen as signal that the Bitcoin market has again started recovering from the significant dip witnessed in the previous week.
Bitcoin suffered a setback in its value by more than $15000 in 7 days since peaking at an all-time record high of $58,640 on February 21.
Bitcoin's value rose by more than 44 percent against the U.S. dollar in a month.
A section of the media attributed the latest surge to major investment bank Citigroup Inc.'s statement that Bitcoin is going to play a bigger role in the global financial system, and Goldman Sachs restarting a trading desk for cryptocurrencies.
Meanwhile, in an investor alert, New York Attorney General Letitia James warned consumers about the cryptocurrency industry's susceptibility to "speculative bubbles" and abuse by criminals.
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