CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Bitcoin reaches three-month high of $50,300

By Dan Moore


Updated

Bitcoin coins on a block
Bitcoin coins collage – Photo: Shutterstock

Bitcoin has achieved its highest price in three months. While its opening price of more than $50,300 on Monday was still some way short of the heady heights of April, when its value was more than $60,000, signs of recovery from the subsequent slump to just over $30,000 in July are dramatic.

Positive signs for crypto

Bitcoin’s revival in recent weeks can be put down to an accumulation of factors. News that digital currencies were receiving the backing of big multi-media and tech companies, as well as South American governments in El Salvador and Paraguay, have acted as a counter to China’s latest crackdown on cryptocurrencies in June.

What is your sentiment on BCH/USD?

439.25
Bullish
or
Bearish
Vote to see Traders sentiment!

Tech giants’ backing sends price soaring

In June, Elon Musk performed a U-turn, reversing his May decision not to accept bitcoin as payment for Tesla purchases.

In July, the value of bitcoin gradually slowed its fall, before beginning to rise off the back of positive comments by Tesla and Twitter boss Jack Dorsey. Both companies have indicated their support for the crypto and revealed their intentions to make more use of digital currencies.

Also in July, Amazon began searching for a digital currency and blockchain product lead, which has been seen as a clear sign the online giant was serious about incorporating cryptocurrencies into its operations.

SOL/USD

214.48 Price
+0.150% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 2.2652

XRP/USD

0.70 Price
-4.760% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

ETH/USD

3,185.96 Price
-2.960% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

BTC/USD

89,762.50 Price
+1.540% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

PayPal UK takes up bitcoin

Early on Monday 23 August, PayPal announced it would be following the success of its October 2020 initiative, which allowed US customers to use cryptocurrencies, by opening up the same service to its UK customers.

The new UK service, which is set to launch later this week, will enable customers to pay using bitcoin, bitcoin cash, ethereum and litecoin. Customers will be able to track real-time crypto prices via their PayPal account.

Crypto heading for the mainstream

The latest endorsement of cryptocurrencies has not only helped bitcoin’s stock price, but other cryptocurrencies, too. Ethereum was up 2.4% on yesterday’s price to $3,326.51 early on Monday, while the share price of another key player – Cardano – rose by almost 9% to $2.80.

Commenting on PayPal’s expansion of its cryptocurrency service, the company’s vice president and general manager of digital currencies, Jose Fernandez da Ponte, said: “We are committed to continue working closely with regulators in the UK, and around the world, to offer our support – and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.”

Trade Bitcoin Cash to US Dollar – BCH/USD CFD

1m
5m
15m
30m
1H
4H
1D
1W

 

Read more: PayPal rolls out cryptocurrency service to UK 

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading