Bitcoin's price spiked over $50,000 for the first time in more than three months.
Bitcoin, which accounts for over half of the entire cryptocurrency market capitalization, hit an all-time high of over $64,000 in April.
However, in July, its price slumped below 30,000.
Popular cryptocurrencies Dogecoin and Ethereum have both gained price over the past weekend. Dogecoin has lost significant value ever since it spiked around 70 cents per coin in May.
"Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency," said Jose Fernandez da Ponte, the vice-president and general manager for blockchain, crypto and digital currencies at PayPal, in a statement.
"We are committed to continuing working closely with regulators in the UK, and around the world, to offer our support—and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce," he continued.
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