Bitcoin broke a new record and reached up to $ 50,000 on Sunday, building on its record rally as Wall Street and Main Street increasingly embrace the world’s largest cryptocurrency.
Whereas Bitcoin recently stood at $ 48,800 on Sunday morning, an increase of 3.2%. It was traded upwards of $ 49,714 earlier in the day. Cryptocurrency is around 70% in the year to date.
After being avoided for a long time by traditional financial companies, bitcoin and other virtual currencies seem to be increasingly entering the market as an asset and a routine payment vehicle.
BNY Mellon said last week that it formed a new unit to help customers maintain, transfer and issue digital assets, just days after Elon Musk’s Tesla revealed that it had purchased $ 1.5 billion in cryptocurrency and would soon accept it as a form of payment for your cars.
Moreover, On Friday, Canada’s Ontario Securities Commission approved the launch of Purpose Bitcoin ETF, Purpose Investments Inc, a Toronto-based asset management company, said in a statement. The OSC also confirmed that it had released the launch of the world’s first bitcoin-traded fund.
Miami Mayor Francis Suarez also said on Friday that the city of Florida is trying to embrace bitcoin in its operations, a move that could pay dividends in terms of attracting technology companies.
As well as, In January, BlackRock Inc, the world’s largest asset manager, added bitcoin as an eligible investment to two funds.
Credit card giant Mastercard’s also plans to support some cryptocurrencies have also increased bitcoin’s ambitions over conventional finance, although many banks remain unwilling to get involved.
In addition to it, Cryptocurrency miner Riot Blockchain rose 14% on Friday and reached its highest value in more than 10 years, with a weekly gain of 110%, its biggest weekly gain since 2017.