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 (BTC) has soared in value over the past three months, with anticipation rising the flagship crypto is about to break the $50,000 (£36,000) barrier. An expert has now revealed despite the hype , bitcoin is beginning to look like a more profitable bet .
Elon Musk: Bitcoin prices have skyrocketed today (February 8) (Image: COINDESK)
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The news has caused a stir on the markets with crypto investors singing Elon Musk s praise.
Paolo Ardonino CTO of Bitfinex, said: Today’s rise to a new bitcoin all-time high comes as Elon Musk’s Tesla invests US$1.5billion into the world’s biggest cryptocurrency. The diversification of Tesla’s investment policy into digital assets adds further momentum to bitcoin’s rise as institutional investors are rushing towards the king of crypto. The tectonic plates of the global investment landscape have shifted. Etheruem and alt-coins are also in the green while Tether tokens (USDt) make their way towards a market capitalization of $30billion.
| UPDATED: 19:59, Wed, Jan 13, 2021
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Bitcoin s price has reassuringly steadied noticeably since the start of the working week. Marcus Swanepoel, CEO of cryptocurrency exchange
Luno, believes last week’s dramatic events are simply something to be expected from time to time.
| UPDATED: 18:25, Tue, Jan 12, 2021
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Bitcoin s price may have started to stabilise today, hitting highs of approximately $36,540 (£26,820) after perilously plunging to a little north of $30,500 (£22,384) on Monday morning amid continuing crypto turbulence.
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Bitcoin has since fallen slightly further and is trading at $34,698 (£25,452) as of 5.30pm GMT, CoinDesk data indicates.