Bitcoin Rises Back Above $50K As PayPal UK News Gives It a Lift

izmir, Turkey - November 20, 2017  Studio shot of golden Bitcoin with a digital background.
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Bitcoin’s manic roller coaster ride continued over the weekend as the world’s biggest cryptocurrency pushed about $50,000 for the first time since mid-May, less than a week after dropping below $30,000.

See: Starbucks, Best Buy and More: Using the Bakkt App To Pay With Bitcoin
Find: AMC To Accept Bitcoin by Year’s End, but Some Experts Aren’t Sold on the Concept

As CNN Business reported early Monday, Bitcoin was joined on its upward climb by Ethereum, which gained more than 3%; and Dogecoin, which rose nearly 2%.

The entire market got a boost on the news that PayPal will let people buy, hold and sell four types of cryptocurrencies in the U.K.: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. That marked the first international expansion of the payment provider’s cryptocurrency offering outside of the United States, where it launched the service last October.

In a statement, PayPal said the “access, knowledge (and) exploration of cryptocurrency has the potential to become mainstream in the U.K.”

Meanwhile, Bitcoin’s recent uptick represents a remarkable — and remarkably quick — turnaround. As previously reported by GOBankingRates, Bitcoin fell to $29,000 during the middle of last week after tumbling 11% in a 24-hour period following China’s newly announced crackdown on the crypto, which triggered the shuttering of several mining sites.

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That continued a wild ride for Bitcoin, which had been hovering between $30,000 and $40,000 much of the summer. Things began to improve last month when Amazon posted a job opening for a digital currency and blockchain product lead, which sent the entire crypto market soaring.

See: Mark Cuban Owns Less Than $500 in Dogecoin Despite Team’s Stake in the Crypto
Find: Robinhood Shelled Out $30 Million to Hire This Ex-Lawmaker – Inside Crypto’s Regulatory ‘Revolving Door’

Cryptocurrencies have also been propped by recent comments from Tesla CEO Elon Musk and Twitter CEO Jack Dorsey, who shared how they have either incorporated or plan to incorporate digital currencies into their businesses.

For all of its turbulence this year, Bitcoin continues to make inroads into mainstream finance. A separate GOBankingRates article last week noted that in addition to PayPal, major companies that accept bitcoin as payment include Microsoft, Overstock, Whole Foods, Etsy, Starbucks and Home Depot.

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About the Author

Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work also appeared in Charlotte MagazineStreet & Smith’s Sports Business Journal and Business North Carolina magazine. He holds a B.A. in English from Appalachian State University and studied journalism at the University of South Carolina. His reporting earned awards from the North Carolina Press Association, the Green Eyeshade Awards and AlterNet. A native of North Carolina who also writes fiction, Vance’s short story, “Saint Christopher,” placed second in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. His debut novel, Voodoo Hideaway, will be published in 2021 by Atmosphere Press.

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