Bitcoin eyes $50,000 for first time since El Salvador rollout

Bitcoin is making a push back to $50,000 for the first time since El Salvador's checked rollout of the largest cryptocurrency as legal tender at the start of September.

After dropping as low 3.2 per cent to $46,933 in earlier trading, Bitcoin edged up 1.6 per cent to $49,237 as of 2:32 p.m. in New York trading. The push higher toward the round number bolstered the spirits of Bitcoin enthusiasts across Twitter.

Bitcoin tumbled as much as 17 per cent on September 7 after El Salvador's experiment with Bitcoin - the biggest test of the token's real-world usefulness - had a rocky start because of technical glitches to the official digital wallet.

Not everyone was high on the digital asset Monday, with Citadel Securities founder Ken Griffin saying that Bitcoin is an 'extremist' call during a talk at the Economic Club of Chicago. To be sure, Griffin said Citadel would trade the asset if it was closely regulated.