The price of the leading cryptocurrency bitcoin hit a $50,000 mark over the weekend to reach a more than 3-month high as the cryptocurrency continues to rebound. Bitcoin rose above that level around 10:40 p.m. ET on Sunday, according to data from CoinMarketCap. At the time of writing, the cryptocurrency is changing hands at just above $50,200. Earlier, Bitcoin hit an all-time high of over $64,000 in April but sold off heavily in June and July, even dipping below $30,000.
Bitcoin has been on a steady rise since mid-July.
One of the major reasons for the drop in bitcoin’s price from its all-time high was renewed regulatory scrutiny from Chinese authorities, forcing bitcoin mining operations to shut down and move elsewhere. But since mid-July, bitcoin has been on a steady rise. In the last few days, two key announcements have been positive for the crypto space. As reported earlier, Coinbase said it would buy $500 million in crypto on its balance sheet and allocate 10% of profits into a crypto assets portfolio.
PayPal announces to offer crypto services to its UK customers.
As reported earlier today, PayPal said it would launch its service to let people buy, hold and sell digital currencies in the UK. Other altcoins also traded higher. Ether was trading higher by about 1.8% at $3,302.59 early Monday morning. Ethereum, the blockchain network powered by ether, activated a key upgrade earlier this month which helped lift the price. Vijay Ayyar, head of business development at cryptocurrency exchange Luno, said there was a lot of buying around the $29,000 to $30,000 level when bitcoin was roughly at a 50% discount to April’s all-time high.