Bitcoin Hits $50,000 But Will It Go Higher And Should You Invest In Cryptocurrency?

Bitcoin Hits $50,000 But Will It Go Higher And Should You Invest In Cryptocurrency?

Bitcoin Hits $50,000 But Will It Go Higher And Should You Invest In Cryptocurrency?

Bitcoin jumped $50,000 (£36,480) for the first time in three months before falling back slightly, as the cryptocurrency continues to recover from a slump, the BBC reports.

The coin fell sharply in May after a crackdown in China and a decision by Elon Musk’s Tesla not to accept it as payment.

Investor confidence is improving as more mainstream financial companies begin using the digital currency.

Although still down on a peak of $63,000 in April 2021, Bitcoin is still up 80% since January, when it was trading at just $27,700.

On Monday, it climbed almost 3% to $50,266.90 while Ether, another popular digital coin, was up more than 4% at $3,367.51.

PayPal will now allow customers in the UK to buy, sell and hold Bitcoin and other digital currencies as it expands its crypto services outside of the US for the first time.

Boasting 403 million active accounts globally, the US firm is one of the largest mainstream financial companies to offer users access to cryptocurrencies.

Continued support from the US Federal Reserve for the US economy has also bolstered Bitcoin recently, analysts say. It is holding interest rates at record lows and making riskier assets more attractive to investors.

Neil Wison of said Bitcoin’s rebound “shows no signs of cooling”, although he said he expected to see some “pullback” in the short term.

But Dan Ives from Wedbush Securities said Bitcoin remained “a highly volatile digital currency”, despite growing investor optimism. Source: BBC.

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