Bitcoin returns above 50 thousand USD, psychological threshold broken. And now?

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Bitcoin succeeds in breaking through the psychological threshold of 50 thousand dollars in value, marking the highest price in about three months now.

He had already tried unsuccessfully on August 13 and later on August 20, but during the Italian night the price of BTC shines again, placing itself on a position that must now be evaluated in the light of recent news.

The first positive news comes from the international payment processor PayPal (PYPL), which has announced that it will soon extend the crypto service to the UK after activating it for US customers. This is not an insignificant piece of news when you consider the number of customers who use PayPal’s money transfer services.

An extension of the service by PayPal was only a matter of time. From this week, UK customers of the service will be able to buy, sell and hold cryptocurrency in their PayPal e-wallet. This should further increase trading volumes and demand. We remind you that in this case it is PayPal that acts as an intermediary and physically purchases the cryptocurrencies needed by its customers from the markets. Purchases are therefore substantial.

Taxes in the USA

In the United States, the regulator would like to pass legislation to oblige those who work with cryptocurrencies to pay taxes. According to those who oppose the legislation, it could make it impossible for miners, software developers such as crypto wallets and other companies in the sector, to comply with the legislation given the decentralized nature of the systems. Many companies could be forced to move to other countries.

Binance and the laws

Binance has always been reluctant to have a physical headquarters in one country, Changpeng Zhao has always preferred a widespread formula for his company with employees working from multiple places around the world.

But now it has become clear that the formula was somehow intended to avoid confronting the laws of a state, however financial regulators around the world have lined up against Binance and now it must take action.

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The latest ban in Brazil, where the exchange has suspended futures due to an order imposed on it by the Brazilian Securities Commission.

To fix this very complicated situation, Binance hired former Abu Dhabi financial regulator CEO Richard Teng to oversee the exchange’s operations at its Singapore headquarters.

CZ had indicated its intention to hire high-profile people to help the exchange better adhere to financial regulations. He himself has announced that he will step back to make room for a CEO with more legal skills, which he does not have.

Bitcoin price trend

The bitcoin price is up + 1.93% over 24 hours to 50,189 USD. In one month it grew by 59.84%, while in 3 months it was up by + 7.96%.

From the beginning of the year, the cryptocurrency is up + 73.24%, while compared to last year’s price the ROI is + 321%.

However, BTC has not recovered the disadvantage compared to the ATH of April placed around 64 thousand USD.

This article was originally posted on FX Empire

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