Bitcoin price surges past $50,000 since May; rebound loses steam

Bitcoin has risen 81% since hitting a yearly low of $27,700 in January.

Bitcoin's price surged past $50,000 on Monday for the first time since May, although its rebound from a months-long slump lost a little steam.

The world's largest cryptocurrency was last up 1.19% at $49,888. It had risen as high as $50,562 as investors bet that the prospect of more U.S. stimulus spending would lead to further gains, and more mainstream financial services firms made moves in the nascent asset class.

Bitcoin has risen 82% since hitting a yearly low of $27,700 in January.

Meanwhile, the price of rival cryptocurrency ether rose 2.71% to $3,329. The virtual coin has risen 91%