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What Happened in Crypto: Bitcoin Hits $50,000

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Bitcoin's price spiked over $50,000 for the first time in more than three months.

RelatedCoinbase and MicroStrategy Stocks Rise as Bitcoin Surges

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.

On Sunday, Dogecoin Millionaire Glauber Contessoto also took to Twitter (TWTR) - Get Report and predicted that Dogecoin would hit 40 cents soon.

Related: Dogecoin's First Millionaire Explains Crypto Slang for Newbies

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.

Related: Elon Musk, Twitter, and Cryptocurrency - The Musk Effect

In the crypto world, PayPal  (PYPL) - Get Free Report launched its cryptocurrency service in the U.K. Starting Monday, the company will allow U.K. customers to buy, hold, and sell cryptocurrencies.

"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.

Related: Cryptocurrency Price Check: PayPal Expands Crypto Services, Coinbase Buys $500M of Crypto

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