Home Breaking News Bitcoin tops $50,000, hitting a more than 3-month high

Bitcoin tops $50,000, hitting a more than 3-month high

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Bitcoin tops $50,000, hitting a more than 3-month high

Bitcoin hit $50,000 on Sunday to reach a more than 3-month high, as the cryptocurrency continues to rebound.

The digital coin rose above that stage around 10: 40 p.m. ET on Sunday, according to data from CoinDesk. It was trading at around $50,095 at 2: 45 a.m. ET on Monday.

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Bitcoin hit an all-time high over $64,000 in April but supplied off heavily in June and July, even dipping beneath $30,000. One among the major reasons was renewed regulatory scrutiny from Chinese authorities which has compelled bitcoin mining operations to shut down and transfer in other places.

Nonetheless since mid-July, bitcoin has been on a steady upward thrust.

Within the last few days, two key announcements have been particular for the cryptocurrency space. Last week, Coinbase said it may well purchase $500 million in crypto on its balance sheet and allocate 10% of earnings into a crypto assets portfolio.

On Monday, PayPal said it may well launch its provider to let of us purchase, capture and sell digital currencies, within the U.Adequate.

Meanwhile, other digital coins were also higher. Ether was trading higher by about 1.8% at $3,302.59 early Monday morning. Ethereum, the blockchain network powered by ether, activated a key upgrade earlier this month which helped take hold of the pricetag.

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Vijay Ayyar, head of enterprise pattern at cryptocurrency exchange Luno, said there was a lot of buying around the $29,000 to $30,000 stage when bitcoin was roughly at a 50% decrease price to April’s all-time high.

“Hundreds large players took advantage of those prices,” Ayyar said, adding that bitcoin may well transfer “to take a look at all-time highs again.”

The value of your entire cryptocurrency market stood above $2.14 trillion on Sunday, according to data from Coinmarketcap.

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Bitcoin tops $50,000, hitting a more than 3-month high