Bitcoin tops $50,000 for the first time in three months

(Gerd Altmann/Pixabay)

SAO PAULO – The price of Bitcoin returned to reach US$ 50 thousand last Sunday (22), reaching the highest level since May this year, in the midst of a recovery after the collapse of recent months.

This Monday (23), the cryptocurrency was traded at US$ 50,230.91 around 8:20 am (Brasilia time), according to the website CoinMarketCap. The last time Bitcoin was traded at this level was in early May.

Digital currency peaked at $65,000 on April 14, but then lost half its value between May and June, dropping below $30,000. From the high until Aug. 1, the price of Bitcoin has retreated about 37%.

The increase in the regulatory encirclement in China contributed to the fall, putting pressure on miners and companies linked to cryptoactives.

The negative movement was driven by the Chinese central bank, which told China’s biggest banks and payment companies to more tightly oversee the cryptocurrency trade.

In recent days, however, one of the biggest cryptocurrency brokers, Coinbase, has said in its quarterly balance sheet that it will buy $500m worth of crypto and allocate 10% of the profits to a portfolio of cryptocurrencies.

There was also an announcement on Monday that PayPal will launch a service in the UK for buying, selling and maintaining digital currencies.

Despite the losses in recent months, Bitcoin continues with a positive performance of 70% in 2021, according to the website CoinMarketCap.

The value of the entire cryptocurrency market was above $2.16 trillion on Sunday, according to data from Coinmarketcap. That market crossed the $2 trillion mark for the first time since May earlier this month.

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