Digital currency Bitcoin has risen to a new record high of more than $50,000 as it continues to rebound after months of weakness.<\/p>\n\n\n\n
The world\u2019s largest digital currency by market value rose to $50,356 on Monday morning, according to data from CoinDesk<\/a>. It was trading at a price of $48,876 as of 10 a.m. ET on Sunday.<\/p>\n\n\n\n Bitcoin had been inching near $50,000 all weekend before finally crossing the threshold Sunday evening. It’s the first time Bitcoin has reached that milestone since May 15 this year.<\/p>\n\n\n\n Bitcoin’s peers also advanced. Ethereum was up more than 3%, while Dogecoin rose nearly 2%. <\/p>\n\n\n\n Bitcoin\u2019s recovery comes after it was trading at roughly $30,000 and $40,000 over the last several months. It had dropped from a record of almost $65,000 in mid-April this year.<\/p>\n\n\n\n The cryptocurrency is getting a lift after PayPal announced<\/a> that it will allow people to buy, hold, and sell four types of cryptocurrencies \u2014 Bitcoin, Ethereum, Litecoin, and Bitcoin Cash \u2014 in the United Kingdom.<\/p>\n\n\n\n PayPal’s announcement marks the first international expansion of the company’s cryptocurrency offering outside of the United States, where it launched the service in October last year.<\/p>\n\n\n\n Much of Bitcoin\u2019s boost this year came from news of large firms like Tesla and Mastercard and other celebrities showing support for crypto. <\/p>\n\n\n\n In February, Tesla CEO Elon Musk said the firm had bought $1.5 billion worth of Bitcoin<\/a> and planned to accept the cryptocurrency as payment for its products. <\/p>\n\n\n\nDriving the Gains<\/h2>\n\n\n\n
Looking back<\/strong><\/h2>\n\n\n\n
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