Bitcoin tops $50,000 as PayPal adds UK crypto feature

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Bitcoin tops $50,000 as PayPal adds UK crypto feature

Bitcoin has topped $50,000 today as the largets cryptocurrency's recovery continues following a price crash three months ago.

The latest boom which has seen  world's largest cryptocurrency jump (by overall value) by more than 4% during the past 24 hours to reach overnight highs of about $51,001 (£37,320), its highest level since May 15, has arrived after PayPal said it will allow British users to buy, hold and sell Bitcoin and

other cryptocurrencies including Ethereum and Litecoin beginning later this week.

PayPal has already introduced the feature in the US in 2021, and now will allow the UK - the second market globally - to allow this feature.

Bitcoin has gained over 71% in value since the start of 2021, although it remains well below a record high of close to $65,000 (£47,741) hit in April.

Other digital coins including Cardano and Tether have also gained ground in a broad-based rally over recent days.

PayPal has rejected criticism of its plans and has said it will introduce "educational" content on its app to help inform and protect crypto investors.

Nigel Green, chief executive and founder of deVere Group, pictured above left, said: "I remain confident that Bitcoin will hit, or even surpass, its mid-April all-time high of $65,000 by the end of 2021."