Bitcoin rose by more than 8% during trading on Wednesday to rebound above $50,000 after sharp losses yesterday.
The world's largest cryptocurrency by market value recovered from its losses yesterday, which pushed it to the lowest level of $45,000 after hitting record highs of $58,000 last Sunday.
Bitcoin losses over the past two days came with warnings by US Treasury Secretary Janet Yellen, saying it is a speculative and ineffective tool for conducting commercial transactions.
Square (SQ) announced that they had bought 3,318 bitcoins at an average price of about $ 51,235.
On his part, Federal Reserve Chairman Jerome Powell said that the Fed is carefully discussing the possibility of issuing a digital dollar.
By the end of trading session, Bitcoin had risen about 8.4% to $ 51,234, while Ethereum rose 13.7% to $ 1,669.3.
During the same time, the total market value of cryptocurrencies rose to $1.546 trillion, compared to $1.469 trillion 24 hours ago, according to CoinMarketCap data.
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