Bitcoin price surpasses $ 50,000 for the first time since May

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By Diksha Madhok, CNN Business

(CNN) – Bitcoin has crossed the $ 50,000 mark as virtual currency continues to emerge from a multi-month slump.

This is the first time that bitcoin has reached this milestone since May 15. Bitcoin’s peers rose as well: Ethereum rose more than 3%, while dogecoin rose almost 2%.

Bitcoin had moved closer to that mark all weekend before finally crossing it on Sunday evening Eastern Time, according to data from CoinDesk.

Cryptocurrency is also experiencing a boom after PayPal announced that it will allow people to buy, hold and sell four types of cryptocurrency bitcoin, ethereum, litecoin and bitcoin cash in the UK.

The announcement marks the first international expansion of the company’s cryptocurrency offering outside of the United States, where it launched the service in October of last year.

With the move, “access, knowledge and exploration of cryptocurrency has the potential to become mainstream in the UK,” the company said in a statement.

It has been a turbulent few months for the cryptocurrency. Bitcoin, which hit an all-time high of nearly $ 65,000 in April, fell to as low as $ 28,800 in June after China stepped up its crackdown on digital currencies.

Bitcoin, which had hovered between $ 30,000 and $ 40,000 for many weeks, began to emerge from its slump last month, when major tech giants signaled or appeared to signal their support for digital currencies.

In July, Amazon posted a job posting for a digital currency and blockchain product manager, causing cryptocurrencies to skyrocket. The list generated a buzz about the tech firm’s future involvement in cryptocurrencies and its potential to further legitimize the nascent digital currency industry.

Bitcoin and its ilk were also boosted last month by bullish comments from Tesla and Twitter CEOs Elon Musk and Jack Dorsey, who each explained how they have incorporated or plan to incorporate digital currencies into their businesses.

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