Bitcoin reaches three-month high of $50,300
By Dan Moore
Updated
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.
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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.
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.”
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