5 Min Read
LONDON (Reuters) - Bitcoin rose above $50,000 on Tuesday for the first time, adding steam to a rally fuelled by signs that the world’s biggest cryptocurrency is gaining acceptance among mainstream investors and companies.
Bitcoin hit a record $50,603 and was last up 0.83% at $48,351. It has risen around 67% so far this year, with most of the gains coming after electric carmaker Tesla said it had bought $1.5 billion in bitcoin.
The move by Tesla, which also said it would accept bitcoin as payment, was the latest in a string of large investments that have vaulted bitcoin from the fringes of finance to company balance sheets and Wall Street, with U.S. firms and traditional money managers starting to buy the coin.
Treasury Secretary Janet Yellen stressed the importance of cooperation with the European Union in a call with the European Commission's vice president for the economy, Valdis Dombrovskis, on Tuesday, the U.S. Treasury Department said.
BW Businessworld
Bitcoin Tops $50,000 As It Wins More Mainstream Acceptance
The rush in 2021 by retail and institutional investors comes on top of a 300% rise last year as investors searched for high-yielding assets and dollar alternatives amid rock-bottom or even negative interest rates globally.
Photo Credit : BW Disrupt
Bitcoin rose above $50,000 on Tuesday for the first time, adding steam to a rally fuelled by signs that the world s biggest cryptocurrency is gaining acceptance among mainstream investors and companies.
Bitcoin hit a record $50,603 and was last up 0.83% at $48,351. It has risen around 67% so far this year, with most of the gains coming after electric carmaker Tesla said it had bought $1.5 billion in bitcoin.
Bitcoin hit a record $50,603 and was last up 0.83 per cent at $48,351.
Bitcoin rose above $50,000 on Tuesday for the first time, adding steam to a rally fuelled by signs that the world s biggest cryptocurrency is gaining acceptance among mainstream investors and companies.
Bitcoin hit a record $50,603 and was last up 0.83 per cent at $48,351. It has risen around 67 per cent so far this year, with most of the gains coming after electric carmaker Tesla said it had bought $1.5 billion in bitcoin.
The move by Tesla, which also said it would accept bitcoin as payment, was the latest in a string of large investments that have vaulted bitcoin from the fringes of finance to company balance sheets and Wall Street, with US firms and traditional money managers starting to buy the coin.
Bitcoin rose above $50,000 (roughly Rs. 36 lakh) on Tuesday for the first time, adding steam to a rally fuelled by signs that the world s biggest cryptocurrency is gaining acceptance among mainstream investors and companies.