Bitcoin soars past $50,000 for first time in three months

Digital currency continues to recover from its collapse in June

Bitcoin has topped more than $50,000 for the first time in three months as it continues to strengthen from its recent lows.

The digital currency stood at $50,359.16 as of Monday morning, up 2.74 percent from the day earlier, according to Coinmarketcap. Other currencies, such as Ethereum, Cardano and Binance Coin also jumped by around 3 percent, 12 percent and 6 percent, respectively.

In mid-May, Bitcoin was last seen above the closely watched $50,000 level. It collapsed to under $30,000 in June following China’s crackdown on cryptocurrencies. The currency had earlier hit a record when it surged past $60,000 in April.

China has tightened its grip against digital currencies this year, shutting down miners in June and issuing warnings against virtual currency trading. The crackdown has sent prices tumbling.