The price of bitcoin has recovered and is again above the $ 50,000 mark

The price of bitcoin recovered on Wednesday from the Tuesday (February 23) sale and again reached over 50 thousand dollars (41,176 euros). It was supported by Square's announcement that it had purchased bitcoins. Around 10.00 CET, the best-known and largest cryptocurrency, according to Coin Metrics, traded with a plus of 7.5% to $ 50,683. Previously, its price reached USD 51,369. Other cryptocurrencies were also strengthened, with ethereum gaining 11.3% and XRP 7.4%. Fintech, Square co-founded and led by Twitter chief Jack Dorsey, announced on Tuesday that it had bought 3,318 bitcoins for $ 170 million. He added that bitcoin currently accounts for about 5% of its assets. This is not Square's first investment in bitcoin. He bought bitcoins for $ 50 million last year. Bitcoin fell nearly $ 45,000 on Tuesday. At the same time, on Sunday (February 21), its price reached a new record high of USD 58,356. Currently, the most famous cryptocurrency is about 70% stronger compared to the beginning of the year. Over the past 12 months, it has improved by more than 400%. According to critics, bitcoin, like other cryptocurrencies, is highly volatile, which is one of the reasons why it is not widely used as a means of payment. US Treasury Secretary Janet Yellen, who calls for stricter regulation of cryptocurrencies, said on Monday (February 22) that bitcoin is extremely inefficient in conducting transactions and is a highly speculative asset.