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

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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.

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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.

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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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