Bitcoin tops US$50,000 on good news
Print Edition
Bitcoin rose back above US$50,000 yesterday for the first time in three months after supportive news from payments giant PayPal and cryptocurrency platform Coinbase.
The world鈥檚 most popular virtual unit jumped to US$50,440 during Asian trade, before easing to US$50,350 in early morning London deals.
鈥淏itcoin continues its recent recovery, moving above the US$50,000 mark it last attained in May although still some way short of its US$65,000 record as PayPal announces plans to launch its cryptocurrency trading platform in the UK,鈥 said AJ Bell analyst Danni Hewson.
PayPal has announced that it will this week begin to allow users in Britain to buy, hold and sell cryptocurrency through the online payment platform for the first time.
The expansion into the hot digital money trend follows similar moves by the payments giant in the United States earlier this year.
The US firm said its new service would allow UK-based customers to choose from four types of cryptocurrency: bitcoin, ethereum, litecoin and bitcoin cash.
They will be available both via the PayPal app and its website, with the expansion set to start this week and be available to all eligible customers within the next few weeks.
In April, PayPal-owned mobile payments service Venmo began letting users in the US buy, hold or sell cryptocurrency using its app.
PayPal itself followed in March allowing people there to use cryptocurrency to make purchases from millions of merchants that use the financial platform for online transactions.
Bitcoin won another shot in the arm yesterday from last week鈥檚 news that Coinbase was ploughing cash into the unit. 鈥淭he news last week that Coinbase will buy US$500 million in cryptos to put on its balance sheet and put 10 percent of quarterly profits into a crypto portfolio has lent support to sentiment,鈥 noted Markets.com analyst Neil Wilson.
Bitcoin enjoyed a blistering run earlier this year but in mid-May it began tumbling on a range of issues, including China鈥檚 crackdown on cryptocurrencies and Tesla boss Elon Musk鈥檚 decision to stop accepting it on concerns about the environmental impact of mining.
The electric carmaker has since indicated its support for bitcoin, while several other high-profile investors including Twitter founder Jack Dorsey have flagged their interest.
It has now risen more than 70 percent from the six-month lows below US$29,000 in June, while speculation is swirling that it could begin its push towards US$100,000. But it is still a long way off its record of almost US$65,000 in April.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
