Bitcoin on Monday rose above the round mark of $50,000 after PayPal's decision to expand the cryptocurrency service outside the United States.
The first cryptocurrency has not traded so high since mid-May.
The payment giant PayPal has announced that it is expanding the cryptocurrency service beyond the US, starting with the UK.
PayPal began to explore the cryptocurrency space in October last year, offering its American customers the opportunity to buy, sell and store bitcoin, ether, Litecoin and Bitcoin Cash.
In the first months of operation, British users will be able to get access to trading the same four digital assets as in the United States. You will be able to participate in the auction both through the PayPal website and in the mobile application. As in the US, the service in the UK will be carried out through the intermediary of Paxos.
The withdrawal of cryptocurrencies from PayPal to third-party wallets is still impossible, but the company assures that it is working on this. Investments are available from 1 pound or $1. British clients will not be able to invest more than 15 thousand pounds for a week and 35 thousand for a year. In the US, the limit is $100 thousand per week.
PayPal earns money on the cryptocurrency service due to the commissions charged to users. With transactions of more than a thousand dollars in the United States, customers have to pay 1.5%, while purchases of less than $25 are subject to a fee of 50 cents.
After a break above $50,000, the hype sentiment will return to the market. Purchases will strengthen, and there will be conditions for a more aggressive rally, some experts believe.
The CEO of the cryptocurrency fund Three Arrows Capital, Su Zhu, expects bitcoin at $88,888, and this, according to him, will not take two months. At the beginning of the year, he admitted that BTC could reach $2.5 million, provided that the first cryptocurrency will be able to take over the status of the main means of accumulation from gold.
"The end of the summer lull may increase the fluctuations of the crypto market. It is likely that as large capital returns from vacation, we can expect a very hot autumn and an equally hot winter