Bitcoin climbs back to $50K on Monday morning amid PayPal’s launch of crypto services in the UK. Bitcoin was last seen at $50K levels on May 14th.
According to the data presented by CoinMarketCap, after experiencing a resistance between $44,000 and $48,000, Bitcoin finally re-achieved the $50,000 milestone on Monday Morning, August 23. The coin’s price rose to a 24-hour high of $50,189 as of the time of writing.
Bitcoin price at $50,000 levels was last seen on May 14th. Bitcoin hit an all-time high of over $64,000 in April but went into a nosedive in mid-May. The coin saw a massive sell-off in June and July, even dipping below $30,000 on July 21. But since July 21st, Bitcoin has been on a steady rise, and on Monday, August 23, eventually hit back $50,000.
In the last few days, two key announcements have been positive for the cryptocurrency space. As Crypto Economy reported, last week, one of the leading cryptocurrency exchanges Coinbase announced that it would buy $500 million in crypto on its balance sheet and allocate 10% of profits into a crypto asset portfolio.
PayPal Launches Crypto Services in the UK
However, the final push to $50,000 came from PayPal. On Sunday, August 22nd, the global payments provider PayPal announced that starting from Monday, its UK customers will have access to Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) through PayPal’s website and mobile app.
It is the first international expansion of PayPal’s crypto services, which, as reported, first launched in the US in October 2020. According to the reports, Paxos Global will continue to work as a PayPal partner in the UK which acts as a market maker and custody provider.
UK customers can start investing in crypto with as little as £1 but won’t be able to purchase crypto worth more than £15,000 per week. The maximum amount for purchases over 12 months is £35,000. Furthermore, crypto services are only for individual accounts, not for business accounts.
This limit will likely increase in the future. In the US, the initial purchase was limited to 20,000 per week. In July 2021, it was increased to $100,000 per week without any other monthly or yearly limit.
PayPal does not charge customers for holding crypto but charges transaction and currency conversion fees. Fee details are not yet available for UK customers, but in the US, fees range from 50 cents for purchases under $25 to 1.5% of the transaction for purchases over $1,000.
It has been 10-months since the launch of crypto services, but the company has not provided any details about its trading volume and the revenue it generates through crypto.
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