Bitcoin $BTC Reclaims $50,000 as PayPal (PYPL) Launches Crypto Offering in UK

Bitcoin (BTC) price is up over 2% on the day to finally reclaim the psychologically important $50,000 level. This way, the world’s largest digital asset has started a new week again in the bullish tone after recording five straight weeks of gains.

The Coinbase data shows BTC printed $50,449 around 1 a.m. ET on Monday. Prices of other digital assets, including Ethereum (ETH) are also trading in the green.

“Lots of large players took advantage of those prices,” Vijay Ayyar, head of business development at cryptocurrency exchange Luno, told CNBC. He expects BTC to return to test all-time highs after reclaiming $50,000.

Another mini move higher in BTC prices comes as PayPal (NASDAQ: PYPL) today launched its crypto offering in the UK.

The British customers are now enabled to buy, hold and sell cryptocurrency with PayPal. Supported digital assets include Bitcoin, Ethereum, Litecoin (LTC), and Bitcoin Cash (BCH).

"The pandemic has accelerated digital change and innovation across all aspects of our lives— including the digitisation of money and greater consumer adoption of digital financial services," said Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currencies at PayPal.

Today’s news from PayPal marks the first international expansion of the crypto offering outside of the US.

"Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency. We are committed to continue working closely with regulators in the UK, and around the world, to offer our support—and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce,” he added.

Shares of PayPal are up 1% in pre-open Monday.

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