Bitcoin rises above $50,000 after three-month slump - The Naija Weekly

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Monday, August 23, 2021

Bitcoin rises above $50,000 after three-month slump


 


Bitcoin has risen above $50,000 for the first time after its downward spiral of more than three months.


Similarly, Ethereum and Dogecoin also rose more than three per cent and nearly two per cent, respectively. The rise is made possible by PayPal’s new acceptance of crypto tradings.


PayPal announced that consumers in the UK would be able to buy, store, and trade four different types of cryptocurrencies, including bitcoin, ethereum, litecoin, and bitcoin cash.


It is the company’s first international extension of its cryptocurrency business outside of the U.S. It introduced the service last October.


The firm noted that “access, knowledge, and exploration of cryptocurrency has the potential to become mainstream in the UK” due to this move.


After China intensified its regulation on digital currencies, Bitcoin, which had reached an all-time high of about $65,000 in April, plunged to as low as $28,800 in June.


Last month, as major tech corporations announced or appeared to signal their support for digital currencies, Bitcoin, which had been languishing between $30,000 and $40,000 for many weeks, began to move out of its slump.


In July, the announcement of a job opportunity for a digital currency and blockchain product lead by Amazon (AMZN) sent cryptocurrencies surging.


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