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Bitcoin jumps over $ 50,000 for the first time since May

FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock chart in this illustration taken January 8, 2021. REUTERS / Dado Ruvic / File Photo

Bitcoin, the leading virtual currency, saw its price rise to over $ 50,000 on Monday, August 23, 2021, the first time since May following supportive news from payment giant PayPal and cryptocurrency platform Coinbase. Photo: IStock / Allexxandar via AFP

The world’s most popular virtual device jumped to $ 50,440 during Asian trade before falling to $ 50,350 in early morning deals in London.

“Bitcoin continues its recent recovery, moving above the $ 50,000 it last achieved in May, but still slightly below the $ 65,000 record as PayPal announces plans to launch its cryptocurrency trading platform in the UK,” said AJ Bell analyst Danni Hewson.

PayPal has announced that this week it will start giving users in the UK the opportunity to buy, hold and sell cryptocurrency through the online payment platform for the first time.

The expansion to the hot digital money trend follows similar moves from the US payment giant earlier this year.

The US company said its new service would allow UK customers to choose from four types of cryptocurrency: bitcoin, ethereum, litecoin and bitcoin cash.

They will be available both via the PayPal app and its website, with the expansion set to launch this week and be available to all eligible customers within the next few weeks.

In April, PayPal-owned mobile payment service Venmo began allowing users in the U.S. to buy, hold or sell cryptocurrency using its app.

PayPal even followed in March, allowing people there to use cryptocurrency to make purchases from millions of merchants using the financial platform for online transactions.

Bitcoin won another shot in the arm Monday from last week’s news that Coinbase was plowing money into the unit.

“The news last week that Coinbase will buy $ 500 million (427 million euros) in cryptocurrencies to put on its balance sheet and put 10 percent of quarterly profits in a crypto portfolio has provided support for emotions,” Markets.com noted – analyst Neil Wilson.

Blistering run

Bitcoin enjoyed a bladder drive earlier this year, but in mid-May it began to fall on a number of issues, including China’s decline in cryptocurrencies and Tesla CEO Elon Musk’s decision to stop accepting it due to concerns about the environmental impact of Mining.

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

It has now risen more than 70 percent from the six-month lows below $ 29,000 that were touched in June, while speculation is swirling that it may begin its push towards $ 100,000.

However, Bitcoin is still far from the record just below $ 65,000 that it achieved in April.

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