HONG KONG (TIP): Bitcoin broke back above $50,000 on Monday for the first time in three months as investors piled back into the cryptocurrency on bargain-buying.

The unit climbed around two percent to $50,249.15, its highest since mid-May, when it began tumbling on a range of issues including China‘s crackdown on cryptocurrencies and Tesla boss Elon Musk’s decision to stop accepting it on concerns about the environmental impact of mining.

The electric car giant has since indicated its support for bitcoin, while several other high-profile investors including Twitter founder Jack Dorsey have also flagged their interest.

Rick Bensignor, at Bensignor Investment Strategies, said Monday that it was “getting nearer the higher end of what I expect as a new trading range in the low-$40,000s to low-$50,000s”.

Bitcoin is still for now a long way off its record just $65,000 that it achieved in April.

Cuba to recognise and regulate cryptocurrencies

Cuba’s government has said it will recognise ‘ and regulate ‘ cryptocurrencies for payments on the island.

A resolution published in the Official Gazette on Thursday said the Central Bank will set rules for such currencies and determine how to license providers of related services within Cuba.

The popularity of such currencies has grown among a technologically savvy group in Cuba as it has become harder to use dollars, in part because of toughened embargo rules imposed under former President Donald Trump. The Central American nation of El Salvador recently announced it would recognize use of the cryptocurrency Bitcoin as a way to encourage remittances from its citizens living abroad.

The currencies, which can wobbly wildly up and down in value, are usually independent of any central bank and use widely distributed blockchain computer codes to keep track of transfers.

Because they can be used for long-distance transactions that are supposedly anonymous, they are often popular with people attempting to evade government regulations presumably including US restrictions on sending money to places such as Cuba.

The resolution says the Central Bank can authorize use of cryptocurrencies “for reasons of socioeconomic interest” but with the state assuring that their operations are controlled. It also explicitly noted that operations could not involve illegal activities.