The price of Bitcoin topped $48,000 U.S. over the weekend, its highest level since mid-May and sending the value of the entire cryptocurrency market back above $2 trillion U.S. for the first time in three months.
On Saturday, Bitcoin reached $48,126.47 U.S., its highest level since May 17, according to Coindesk. The Bitcoin recovery comes after it sold off heavily in June and July, even dropping below $30,000 U.S. following a record high of more than $64,000 U.S. in April.
Bitcoin’s latest rise helped push the value of the entire cryptocurrency market above $2 trillion U.S. on Saturday for the first time since May, according to data from CoinMarketCap, which tracks the prices of digital coins and tokens.
The cryptocurrency market has faced a number of headwinds over the summer. One of the biggest was renewed regulatory scrutiny of the industry from authorities in China, which has forced Bitcoin mining operations to shut down and move elsewhere.
Meanwhile, the U.S. Senate passed a massive infrastructure bill last week without any of the proposed amendments on cryptocurrency tax reporting that had delayed its passage.
More negative news came last week after hackers stole $600 million U.S. in one of the biggest cryptocurrency heists in history. But, in a strange turn of the events, the hackers returned nearly all of the stolen money.
None of the negative news appears to be impacting cryptocurrency bulls who continue to push prices higher.
