Bitcoin reaches $50,000, hitting over a 3-month high


August 24, 2021: -On Sunday, Bitcoin hit $50,000 to reach an over 3-month high as the cryptocurrency keeps on to rebound.

On Sunday, the digital coin increased above that level around 10:40 p.m. ET, according to data from CoinDesk.

Bitcoin hit an all-time high of above $64,000 in April but sold off heavily in June and July, even coming down to $30,000. One of the primary reasons was renewed regulatory scrutiny from Chinese authorities, forcing the bitcoin mining operations to shut down and move elsewhere.

But bitcoin has been rising steadily since mid of July.

In the previous days, two key announcements have been positive for the cryptocurrency space. Coinbase said it would buy $500 million in crypto on its balance sheet and allocate 10% of profits into a crypto assets portfolio in the previous week.

On Monday, PayPal will launch its service in the U.K, letting people buy, hold and sell digital currencies, said Paypal.

Ethereum, the blockchain network powered by ether, activated an essential upgrade previously this month, resulting in lifting its price. Although, other digital coins had also increased. Ether was trading up to nearly 2% at $3,302.59.

Vijay Ayyar, the head of business development at cryptocurrency exchange Luno, said a lot of purchase was done from the $29,000 to $30,000 level when bitcoin was almost at a 50% discount to April’s all-time high.

“Lots of large players took advantage of those prices; bitcoin could move to test all-time highs again,” Ayyar said.

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

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