FX.co ★ Bitcoin climbs above $ 50,000

Bitcoin briefly climbed above $ 50,000 on Sunday evening, rallying for the first time in three months. And even though it is still below the April peak of nearly $ 65,000, investors are still hopeful that the cryptocurrency will skyrocket in the coming months.

One of the drivers of growth was the recent announcement of Coinbase that it will buy over $ 500 million worth of crypto assets. It also plans to channel 10% of its profits into a crypto portfolio.

At the same time, PayPal unveiled a proposal that will allow UK customers to buy, store and sell cryptocurrencies, marking the company's first international expansion of its crypto services.

All this pushed Bitcoin to trade at $ 49,836.69, which was just below $ 50,000. Shares of Coinbase also rose 0.5%, while PayPal jumped 0.9%. MicroStrategy, an enterprise software company that recently issued bonds to buy bitcoins, also saw a 0.7% increase in its stocks.

Over the past months, Bitcoin was having a hard time in trading, as after hitting new highs earlier this year, it crashed amid regulatory review in China and other countries. It traded below $ 30,000 and showed a "death cross", which means that its 50 MA fell below its 200 MA. But now it is fluctuating between $ 50,000 and $ 53,500.