Bitcoin tops $50,000 for the first time in 3 months, right opportunity to invest?

New Delhi: Leading cryptocurrency bitcoin topped $50,000 for the first time since mid-May, and last traded 2.06% higher at $50,333.24.

Meanwhile, Bitcoin, the world`s biggest and best-known cryptocurrency, is now available on PayPal.

PayPal Holdings Inc will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week, the company said on Monday. Customers will be able to buy bitcoin, ether, litecoin and bitcoin cash through their PayPal wallets online or on the mobile app.

In other news, the safe-haven dollar retreated from more-than-nine-month highs against major peers on Monday as a bounce in Asian stocks lifted sentiment, despite the continued spread of the Delta coronavirus variant. The dollar index, which measures the currency against six rivals, declined 0.19% to 93.311 from Friday, when it climbed as high as 93.734 for the first time since Nov. 4. The move came as equities rebounded across the region, with base metals prices up as hopes of an improvement in demand rose after China, the world`s top metals consumer, reported no new locally transmitted COVID-19 cases for the first time since July. Wall Street`s stronger finish on Friday also underpinned sentiment, reported Reuters.

Commodity-linked currencies including the Aussie and Canadian dollar led the rebound against the dollar, following steep declines last week. The Aussie climbed 0.29% to $0.71575, after reaching a 9 1/2-month low of $0.71065 on Friday. Against the Canadian dollar, the greenback slipped 0.25% to C$1.2776. It surged to an eight-month high of C$1.2949 at the end of last week, Reuters added.

With Reuters Inputs