During the weekend, bitcoin saw a surge that pushed its value above $50,000 into Monday, but that appreciation didn’t last as the asset slumped again same day.
In the past three months, bitcoin had struggled to hit $50,000, trading between $30,000 to $40,000 following sell off in the cryptocurrency community in June and July.
However, on Monday afternoon, bitcoin reached $50,495.95, its highest since it topped $64,000 in April – the value later depreciated to $49,476 on Coindesk, on Monday evening.
This means the price value of bitcoin lost $1,019 within hours of its surge. This followed PayPal’s announcement that it will allow individuals purchase, hold and sell the digital asset on its UK platform.
PayPal is gradually expanding its crypto product after the launch in US was termed as successful by the company’s general manager for blockchain, crypto and digital currencies, Jose Fernandez da Ponte.
Prior to its surge on Monday, JP Morgan Chase had predicted that bitcoin value will crash to about $23,000 before it hit another price bubble which occurred last year into April 2021.
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