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Bitcoin Briefly Crosses $50,000 Mark

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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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