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Bitcoin price skyrockets above $50,000 for first time since May

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Bitcoin price has skyrocketed $50,000 for the first time in three months as investors piled back into the cryptocurrency on bargain-buying.

The data obtained by Techeconomy.ng showed that the largest cryptocurrency by market capitalization, appreciated about two percent to $50,249.15 which is the highest since mid-May.

This showed that Bitcoin has recovered after trading in a range of about $30,000 to $40,000 for many weeks after it plunged from a record near $65,000 in mid-April.

The Tesla boss, Elon Musk, has since indicated its support for bitcoin, while several other high-profile investors including Twitter founder Jack Dorsey have also flagged their interest.

The data also showed that it has now jumped more than 70 percent from the six-month lows below $29,000 touched in June, and speculation is swirling that it could begin its push towards $100,000.

Speaking about the rise in the bitcoin price,  Bensignor Investment Strategies, Rick Bensignor, on  Monday, August 23, said it was “getting nearer the higher end of what I expect as a new trading range in the low-$40,000s to low-$50,000s”.

A report claimed that that another factor that is driving Bitcoin prices is that PayPal UK has said that it will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week.

The roll-out, which marks the first international expansion of PayPal’s cryptocurrencies services outside of the United States, could inspire further mainstream adoption of the new asset class.

It noted that currently, Rival currency Ether was trading 3.43 per cent higher at $3,342. The currency based on the Ethereum blockchain has a return of over 348 per cent year to date.

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