Bitcoin (BTC) price exceeds $ 50,000, peaking more than 3 months

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Bitcoin hit $ 50,000 on Sunday to hit a more than 3-month high as the cryptocurrency continues to rebound.

The digital coin broke through that level around 10:40 p.m. ET on Sunday, according to data from CoinDesk.

Bitcoin hit a record high of over $ 64,000 in April, but sold off strongly in June and July, even falling below $ 30,000. One of the main reasons has been the renewal of regulatory oversight by Chinese authorities, which has forced bitcoin mining operations to close and move elsewhere.

But since mid-July, bitcoin has been on the rise.

Over the past few days, two key announcements have been positive for the cryptocurrency space. Last week, Coinbase announced that it would buy $ 500 million worth of crypto on its balance sheet and allocate 10% of the profits to a portfolio of crypto assets.

PayPal announced on Monday that it will launch its service to enable people to buy, hold and sell digital currencies, in the UK

Meanwhile, other digital coins were also higher. Ether was trading up about 2% at $ 3,302.59.

This is last minute news. Please check for updates.

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