Cryptocurrency update: Bitcoin crosses $50,000 in 3 months, Cardano up 11.9%

Bitcoin, the biggest and oldest cryptocurrency, surged above $50,000 for first time in three months. It gained by 5.94% to $50,251.74 levels on August 23.  Ethereum, the second-largest virtual token, also increased by 3.38% to trade at $3,347.84. All the major cryptocurrencies were trading in green. Cardano showed the highest gain in terms of percentage, with an increase of 11.91%. The coin became the third-largest cryptocurrency in the world on the back of a software upgrade.

Coindesk reported that Cardano hit an all-time high of $2.58 on Friday, which was an increase of 18%, Year to Date, surpassing Binance Coin.

The unprecedented rally is set to continue following the update that is expected sometime around September 12. This phase will allow smart contract functionality and for a range of decentralized finance applications to be used on the Cardano network.

Another upgrade is on the cards when Cardano moves into the third phase known as Gougen. In this phase Fungible and Non-Fungible Tokens (NFTs) would be created.

Cryptocurrency prices

*All prices as of 23 August 2021, at 9:55 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 74.26

PayPal enters crypto buying and selling in UK

California-based online payments company PayPal Holdings Inc will allow customers in the UK to buy, sell and hold cryptocurrencies starting this week.

For the first time the company is extending its cryptocurrencies services outside of the United States, which could increase the mainstream adoption of the new asset class.

Earlier this year the company launched cryptocurrency buying and selling in the United States, enabling customers to use their digital coin holdings to shop at millions of merchants on its network.

Reuters reported that the company would continue to work closely with regulators in UK and around the world, to offer support and meaningfully contribute in shaping the role digital currencies will play in the future of global finance and commerce.

Customers would be able to buy Bitcoin, Ether, Litecoin and Bitcoin Cash through their PayPal wallets online or on the mobile app.