Bitcoin back above $50,000 as PayPal launches crypto in UK

Bitcoin shot past $50,000 for the first time since May after another corporate giant threw its weight behind the cryptocurrency.

It climbed 3 per cent to $50,530, while ether, another popular digital coin, was up more than 4 per cent at $3,367.51.

The moves were boosted by Paypal which said it would 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.

Crypto comeback: Bitcoin climbed 3 per cent to $50,410.70 while Ether, another popular digital coin, was up more than 4 per cent at $3,367.51

Crypto comeback: Bitcoin climbed 3 per cent to $50,410.70 while Ether, another popular digital coin, was up more than 4 per cent at $3,367.51

With over 403m active accounts globally, the US firm is one of the largest mainstream financial companies to offer users access to crypto-currencies.

Craig Erlam, analyst at Oanda, said: ‘Paypal is continuing to throw its weight behind cryptos, introducing its offering to UK clients after successfully launching in the US.’ 

Bitcoin has had a rollercoaster ride this year and in January it was trading at $27,700. 

It recovered to hit a record high of almost $65,000 in April, driven by fast-money bets and optimism about growing demand from institutional investors. 

But 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 any more.

In May, Bank of England governor Andrew Bailey described bitcoin as a danger to the public.

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