It seems that Cryptocurrency is staging a comeback this month.
Bitcoin has topped US$50,000 for the first time since May. Cryptocurrency prices continued an ongoing recovery from a disorderly rout just three months ago.
Bitcoin, the largest virtual coin, advanced 3.8% to US$50,272 as of today, 23rd August. Other tokens are rising, too, including Ethereum and Cardano’s ADA.
The revival in virtual currencies has excited legions of cryptocurrency fans. Calls such as “To the moon” and “BTC $100k” were seen online. Others see the volatile asset carving out a broader trading range for now.
Market sentiment also benefitted from PayPal Inc’s announcement that it will allow UK customers to make cryptocurrency transactions. It is the first international expansion of PayPal’s cryptocurrency service beyond the US. This move hints at the wider adoption of cryptocurrency in the industry.
The cryptocurrency is defying criticism over its toll on the environment. It is advancing even as regulators around the world promise harsher crackdowns. China has taken several steps to clamp down on cryptocurrency mining.
In the US, policymakers are focusing on digital assets in a new way. LAST WEEK, the US Securities and Exchange Commission Chair Gary Gensler called the space the “Wild West.” He said he wouldn’t compromise on protecting investors in setting out a regulatory framework.
Cryptocurrency enthusiasts say “Bitcoin $100k Lol”
“It’s still got plenty of room to get the old high,” Bloomberg Intelligence’s Mike McGlone said in a television interview. “And guess what? If it just follows Ethereum, it goes to $US100,000,” he said, referring to bitcoin catching up, percentage-wise, to the second token’s performance.
Fundstrat Global Advisors’ Tom Lee also sees it reaching $US100,000 – by the end of 2021. The firm’s co-founder and head of research recommend investors follow a simple rule: If bitcoin crosses above its average price over the last 200 days – a long-term momentum measure – then it’s time to buy. The coin crossed that hurdle in recent days.“With bitcoin crossing above its 200D, we think bitcoin will rally strongly into year-end,” Lee wrote in a note.