Bitcoin surges $50,000 on Monday – which happened for the first time after the crash that happened in May this year. The world’s largest cryptocurrency price jumped 2.21 per cent to $50,372 at 1200 hours, according to coinmarketcap.com. In April, the world biggest currency Bitcoin surged and hit an all-time high at $65,000. Two positive development this week led to the sharp rise in Bitcoin, the first one being PayPal’s announcement of launching services for buying, selling and holding digital currencies in the UK. This announcement made it the first international expansion of PayPal’s cryptocurrency services outside the United States. Similarly, PayPal launched cryptocurrency services for buying, selling, and holding cryptocurrency in the United States early this year.
The second announcement that led to a sharp rise of Bitcoin was made by Coinbase, a cryptocurrency exchange platform, that the company will buy $500 million in crypto on its balance sheet and will allocate 10 per cent of its quarterly profits into a crypto assets portfolio on last Thursday. The company said very soon it will become the first traded company to hold Bitcoin rival Ether, DeFi tokens and other crypto assets on its balance sheet.
“Bitcoin is currently trading close to the major psychological level of $50,000. On the daily charts, Bitcoin is trading at the 1st resistance of $49,200 and if we break $50,000, the 2nd resistance is seen at $61,000. We have the 1st support all