Bitcoin price 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 largest cryptocurrency by market capitalization, reached as high as $50,152.24, the highest since mid-May, up 2.5%.
Bitcoin Price Jumps Above $50,000
Bitcoin price has recovered after trading in a range of about $30,000 to $40,000 for many weeks after it plunged from a record near $65,000 in mid-April. The electric car giant Tesla has since indicated its support for bitcoin, while several other high-profile investors including Twitter founder Jack Dorsey have also flagged their interest.
Bitcoin had started tumbling in May after touching an all-time high of nearly $64,000 in April. China’s ban on financial institutions and payment companies providing services related to cryptocurrency transactions and warning against speculative crypto trading was one of the key reasons that had triggered the downfall.
It has now risen more than 70 per cent from the six-month lows below $29,000 touched in June, and speculation is swirling that it could begin its push towards $100,000. Another factor that is driving Bitcoin prices is that PayPal UK has said that it will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week.
The roll-out, which marks the first international expansion of PayPal’s cryptocurrencies services outside of the United States, could inspire further mainstream adoption of the new asset class. Rival currency Ether was trading 3.43 per cent higher at $3,342 at the time of writing this story.
The currency based on the Ethereum blockchain has a return of over 348 per cent year to date. As per CoinDesk, Dogecoin, on the other hand, was trading at $0.32, up 1 per cent. Other digital coins like Stellar, Uniswap, XRP, Litecoin, Cardano also were trading with gains over the last 24 hours.