Bitcoin soars to $50,000 again on institutional demand

FILE PHOTO: A representation of cryptocurrency Bitcoin is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

NEW YORK/LONDON (Reuters) -Bitcoin, the world's largest cyrptocurrency in terms of market value, rose on Tuesday, passing the $50,000 mark for the first time in four weeks and adding to gains this month on mounting institutional interest.

In early September, bitcoin fell below $50,000 during a broad selloff in shares of cryptocurrency and blockchain-related firms. It fell further in September, hitting a low of $40,596 on Sept. 21.