On Sunday, 10.40 ET Bitcoin rose to $50,000 according to Coin Metrics after seeing low values since the past three months. The Bitcoin market has been and will be a volatile market. Although the crypto currency had hit a brief high of $64,000 in April, it fell to below $30,000 in June and July. However, it has been fairly steady from mid July. On Monday, it fell below $50,000 and reached $49,710 at 1:07 p.m ET on Monday. Ethereum also increased by over 3 percent while Dogecoin saw an almost 2 percent rise.
In the middle of the year Bitcoin saw a lot of negativity as China cracked down on the crypto currency. It banned trading and mining in crypto currencies. The U.S. government is also looking to regulate the currency but this might have a positive effect as some of the problems it faces is due to its volatility and the fact that it is untethered. This lend appeal to many and yet leads to its illegal use by extortionists and others who wish to hide transactions from governments.
Two recent announcements by PayPal and Coinbase on digital currencies have been seen as positive ones leading to an increase in their value. On Monday, PayPal announced that it was launching a digital currency service in the U.K. This is the first time it has announced an overseas operation. The company said that its customers across the pond could buy, sell or hold crypto currency.
Earlier, on Friday, Coinbase CEO Brian Armstrong had said that he would buy $500 million in crypto currency. It also said that ten percent of the company’s profits would be allocated into a crypto assets portfolio, indicating a bullish trend for its future. It would deal in different crypto assets including Ethereum, DeFi tokens and more on its platform. Bitcoin price rose soon after this ambitious announcement was made.
Twitter and Square’s Jack Dorsey has always been in favor of the Bitcoin. In the past few weeks Elon Musk has also been in favor of crypto currencies. A few months ago, he did flip flop over crypto but has been steadily favoring from more than a few weeks.
