Bitcoin Surges Above $50,000 for First Time Since Spring
The latest Bitcoin bump came after PayPal announced that customers in the United Kingdom will be able to buy, sell and hold four cryptocurrencies.
After a months-long slump, Bitcoin finally surged above $50,000 Sunday night for the first time since mid-May.
Bitcoin saw smaller surges in that time. At the end of July, cryptocurrencies spiked after Amazon listed an open job for a digital currency and blockchain product, lead, which boosted Bitcoin to a six-week high of nearly $39,043. (Amazon did, however, deny a report at that time that it would begin accepting Bitcoin as a form of payment this year.)
Leaders at other companies, like Tesla and AMC, also vocalized support for and interest in the cryptocurrency, even during its slump. Earlier this month, AMC announced movie-goers will soon be able to use Bitcoin at its theaters across America.
The latest Bitcoin bump came after PayPal announced that customers in the United Kingdom will be able to buy, sell and hold four cryptocurrencies, including Bitcoin, this week. UK-based customers will be able to make transactions with not only Bitcoin and Bitcoin Cash, but Ethereum and Litecoin. PayPal is also offering educational resources on its site and mobile app to help users make informed buying, selling and holding decisions.
The decline followed a ramp-up in crackdowns on digital currencies in China in June. In April, Bitcoin hit its all-time high of $65,000, but following the crackdown in China, it hit $28,800.