Bitcoin trades below $50,000, ether gains, dogecoin dips


Bitcoin prices today were trading below $50,000 after rising back above the crucial level on Monday for the first time since mid-May as the world’s most popular virtual unit jumped to $50,495 in the last 24 hours as crypto prices continued an ongoing recovery from a disorderly rout just three months ago.

As per CoinDesk, Bitcoin prices fell to $49,166, down more than 1%. Ether, the coin linked to ethereum blockchain and the second largest crypto, surged to $3,302. Dogecoin, on the other hand, was trading marginally lower at $0.31. Other digital coins like Stellar, Uniswap, XRP, Litecoin, Cardano were mixed.

Bitcoin prices has now risen more than 70 percent from the six-month lows below $29,000 touched in June. However, it is still far away from its record just below $65,000 in April.

Market sentiment benefited as PayPal Holdings Inc will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week. The roll-out, which marks the first international expansion of PayPal’s cryptocurrencies services outside of the United States, could inspire further mainstream adoption of the new asset class.

Meanwhile, US crypto exchange Coinbase last week received its board’s approval to buy over $500 million of crypto. Moreover, 10% of the firm’s quarterly net income from now on will go into crypto assets.

Bitcoin enjoyed a blistering run earlier this year but in mid-May it began tumbling on a range of issues, including China’s crackdown on cryptocurrencies and Tesla boss Elon Musk’s decision to stop accepting it on concerns about the environmental impact of mining. 

(With inputs from agencies)

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