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Tuesday, May 24, 2022

Bitcoin Price Going Above $50,000

The price of Bitcoin has gone above the mark of $50,000, with the virtual currency looking to climb out of a slump that has been going for months. This is virtually the first time that the cryptocurrency has been able to reach this milestone, since the 15th of May.

The other cryptocurrencies in the market have also been able to advance- Ethereum went up by around 3%, while Dogecoin registered an impressive growth of 2%. The cryptocurrency had been looking towards that mark throughout the weekend before it finally crossed it on Sunday. 

Bitcoin Heading Towards The Silver Lining

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Incidentally, Bitcoin is also receiving quite a lift after Elon Musk’s PayPal announced that it would be allowing its users to hold, buy, and sell around four different forms of cryptocurrencies- Litecoin, Ethereum, BTC Cash, and BTC- in the United Kingdom. This announcement highlights the first expansion of the company’s cryptocurrency beyond the ocean after it brought its services back in October last year. The company stated that this move would allow them to help in the exploration of cryptocurrency in the British Isles. 

The last few months have been quite a turbulent period for Bitcoin. The cryptocurrency, which hit a high of $65,000 last April, went down to a low of $28,800 in June, especially after China went out and issued a crackdown on the mining of said currency. The last few weeks, in retrospect, were still quite passive for BTC as it hovered around the resistance zone of $30,000 and $40,000 for several weeks before it started rising out of the slump.

This was further promoted by several tech giants signalling their support towards digital currencies. Amazon also posted a job opening for a product lead for digital currency as well as a blockchain product, which sent cryptocurrencies soaring. The listing, as it was predicted, did lead to quite a buzz about the future involvement of the tech company with cryptocurrencies as well as its potential to legitimize the cryptocurrency sector. 

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Bitcoin and other cryptocurrencies also got a major boost the previous month as Tesla and Twitter CEOs brought out their plans of incorporating digital currencies in their hugely successful businesses.

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