Bitcoin jumped above $50,000 on Monday morning when PayPal announced it would expand its cryptocurrency beyond the United States, marking the virtual currency’s highest value since May, as the cryptocurrency market returns after a devastating $1 trillion drop 3 months ago.
The value of bitcoin jumped more than 4% overnight to a high of around $50,421 on Monday morning.
That’s the value of bitcoin since mid-May, when a series of environmental considerations and regulatory crackdowns led to a market collapse of more than $1 trillion.
The excitement comes amid a broader rally in the cryptocurrency market, which also includes crossing a $2 trillion marker and a meteoric expansion for Cardano’s ada, now the world’s third-highest-value cryptocurrency, and an announcement that PayPal will allow UK users to buy and sell. and hold cryptocurrencies this week.
This is the first time the virtual invoice giant has opened cryptocurrencies to non-US consumers and is a strong sign that an institutional acceptance is developing that can push cryptocurrencies into widespread use.
PayPal will use 4 other cryptocurrencies: bitcoin, ethereum, litecoin and bitcoin money, as well as financial technology startup Paxos.
Bitcoin makes up almost a part (about 44%) of the global crypto market and is priced at about $1 billion. Its maximum carbon footprint, due to an energy-intensive mining procedure that uses cleaner energy resources such as coal, has raised considerations about its long-term viability as a virtual currency. Its price fell in May when billionaire Elon Musk, a longtime supporter of cryptocurrencies, said Tesla would no longer settle for them as a form of payment, raising considerations of power. The shift in sentiment has been a big step backwards for the overall settlement of cryptocurrencies, especially after a broader institutional settlement through payment facilities PayPal and Venmo.
Cardano’s Ada Hits New Record, The Largest Cryptocurrency to Reach Record Value After $1 Trillion Drop (Forbes)
Cryptocurrency Market Crosses $2 Trillion Again as Altcoins Sign Up for Bitcoin in Post-Crash Rally (Forbes)
PayPal nevertheless welcomes cryptocurrencies, adding Bitcoin, Ethereum (Forbes)
Venmo is the newest app to adopt cryptocurrencies (Forbes)
I am a Forbes journalist based in London covering the latest news. Previously, I worked as a journalist for a legal publication that covered great knowledge and as
I am a London-based journalist for Forbes covering the latest news. Previously, I worked as a journalist for a legal publication that covered wealth of knowledge and as a freelance journalist and policy analyst covering science, generation and health. Natural Sciences and Master in History and Philosophy of Science from the University of Cambridge Follow me on Twitter @theroberthart or write to me at rhart@forbes. com