Bitcoin storms back above $50,000 on Monday for the first time in three months as cryptocurrency continues to rebound amid investors return to bargain-buying.
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Bitcoin hit an all-time high over $64,000 in April but sold off heavily in June and July, even dipping below $30,000. But since mid-July, bitcoin has been on a steady rise.
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.
It has now risen more than 70 percent from the six-month lows below $29,000 touched in June, and speculation is swirling that it could begin its push towards $100,000.
In the last few days, two key announcements have been positive for the cryptocurrency space. Last week, Coinbase said it would buy $500 million in crypto on its balance sheet and allocate 10% of profits into a crypto assets portfolio.
On Monday, PayPal said it would launch its service to let people buy, hold and sell digital currencies, in the U.K.
Meanwhile, other digital coins were also higher. Ether was trading up about 2% at $3,302.59. Ethereum, the blockchain network powered by ether, activated a key upgrade earlier this month, which helped lift the price.