The price of Bitcoin is back above $50,000 U.S. and has reached a three-month high as the cryptocurrency continues to strengthen.
The world’s largest digital coin was trading at $50,095 U.S. early on Monday (August 23), continuing its climb higher after dropping below $30,000 U.S. in June when Chinese authorities were forcing Bitcoin mining operations to shutdown and move abroad. Bitcoin had hit an all-time high of $64,000 U.S. in April of this year before selling off.
Since mid-July, Bitcoin has been on the rise. In the last few days, two key announcements have been positive for cryptocurrencies.
First, Coinbase (NASDAQ:COIN) said it would buy $500 million U.S. in cryptocurrency on its balance sheet and allocate 10% of profits into a cryptocurrency asset portfolio. Second, PayPal said it would launch its service to let people buy, hold, and sell digital currencies in the United Kingdom.
Other digital coins have also been moving higher in recent days and weeks. Ethereum, the second largest cryptocurrency, was trading higher by 1.8% at $3,302.59 U.S. early Monday morning. Ethereum, the blockchain network powered by Ether, activated a key upgrade earlier this month that has helped lift its price.
The value of the entire cryptocurrency market now stands at $2.14 trillion U.S., according to data from Coinmarketcap.
