Oct 6, 2021 - Economy

Bitcoin bounces back above $50,000

Data: Yahoo! Finance Chart: Axios Visuals

Bitcoin crept above $50,000 on Tuesday for the first time since Sept. 7 — when El Salvador became the first country to use the cryptocurrency as legal money.

Driving the news: Bank of America initiated research coverage of cryptocurrency this week, saying the category is "too large to ignore."

What to watch: The most popular cryptocurrency on Revolut is Ethereum, Revolut CEO Nikolay Storonsky told Axios' Felix Salmon during a fintech conference earlier in the day.

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