According to the CoinMarketCap portal, the cost of bitcoin was $17,755. The cryptocurrency has approached this mark for the first time since 2017.
Bitcoin’s value has surpassed $ 17,000 and hit a three-year high. The increase was 7% to $17,891, the highest level since December 2017. Experts explain the growth of the digital currency by the fact that it is subject to sharp surges due to the coronavirus pandemic.
BBC analysts noted that the pandemic has prompted investors to rethink the long-term prospects of Bitcoin and other cryptocurrencies. However, they still fear that bitcoins may become part of fraudulent and criminal schemes, which will reduce their value.
According to the CoinMarketCap portal, which calculates the average price for more than 20 exchanges, at the time of writing, it was worth $ 17,755. On Binance, the largest cryptocurrency exchange by trading volume – $17,845.
The pandemic has affected traditional trading, so customers have begun to pay more attention to cryptocurrency. “Periods of extreme risk aversion have forced many traders to diversify towards bitcoin,” said Edward Moya of trading firm Oanda.
Starting October 26, all PayPal users in the US can officially buy and sell bitcoins and other digital currencies on the platform. The service notes that the cryptocurrency can be used to pay for goods at more than 26 million sites that cooperate with PayPal. However, they will not receive payment other than Bitcoin, Ethereum, or Litecoin. Instead, PayPal will pay in local currency – in this case, dollars.