Bitcoin is trying to cling to $ 50,000 in order to continue the rally observed in the latter half of August. Its driving force is the recent announcement of Paypal that it is ready to expand its crypto services in the UK, which will allow customers to buy, sell and store four different cryptocurrencies on their platform.
Not long ago, large UK banks received instructions to suspend work with accounts that buy and sell cryptocurrency. There was also an active struggle with various kinds of advertising products, after the Advertising Standards Authority (ASA) said it will fight misleading ads promoting crypto investments. ASA is reportedly unhappy with the way cryptocurrency advertising campaigns are being carried out in the country, so they developed special and strict standards that must be followed. Any advertisements that do not meet these standards will be removed.
It seems that PayPal is taking this opportunity to open access to crypto transactions. UK is the first country it has gone to after providing a similar service in the US. And even though the stance of UK authorities is still unclear, access to the service should appear this week, while the service itself will be fully operational in the next few weeks. But there is a catch: clients must verify their identity in order to have access to the new function as corporate PayPal accounts are not supported.
Most likely, Bitcoin will skyrocket after the successful launch of the service. Earlier, it soared after PayPal gave US customers the opportunity to buy, sell and store cryptocurrency.
On a different note, Amazon is said to be considering joining the crypto industry soon. It is planning to provide payment services among its users. Perhaps, the driver is the statement of Elon Musk last month, which encouraged corporations to take a closer look at the crypto market and consider adding Bitcoin to their balance sheets.
This weekend, Bitcoin rose above $ 47,800, which gives hope that the token could reach $ 52,000 and $ 58,000 in the coming days and even hit $ 64,000 by the end of the year. But if it drops below $ 42,500, price will plunge to $ 37,300. The risk of losing all initiative will be quite high at this level.The material has been provided by InstaForex Company - www.instaforex.com