Bitcoin Rises Again Above $50

Bitcoin returned to trade above $50,000 on Wednesday, after a sharp sell-off in the previous two sessions, after Square announced the purchase of $170 million in Bitcoin as part of its ongoing commitment to the cryptocurrency.

The cryptocurrency lost 15% of its record high earlier in the week due to concerns about overvaluation.

Bitcoin is up 75% so far this year, buoyed by institutional buying and growing attractiveness as a hedge against potential inflation resulting from massive stimulus measures by the central bank and major governments.