The Straits Times
Bitcoin soars to new high above US$52,000; sustainability concerns rise
Bitcoin has risen eightfold since last March and has added more than US$700 billion in market value since September.PHOTO: EPA-EFE
PublishedFeb 18, 2021, 8:00 am SGT
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Bitcoin surged to yet another record high, a day after the virtual currency vaulted to the $50 000 hurdle, even as analysts warned against the sustainability of such prices amid elevated volatility.
Bitcoin (BTC), the flagship cryptocurrency, keeps surging to all-time highs.
On Wednesday (February 17, 2021), which was just a day after the digital asset surpassed the $50,000 mark, the crypto had again set a new record above $51,000. Bitcoin is trading at around $51,490 at the time of writing while (earlier) reaching as high as $52,000+.
As the cryptocurrency’s price continues to increase dramatically, analysts have cautioned that the rally may not be sustainable at these prices due to high levels of volatility.
The world’s leading crypto, with a market cap of more than $950 billion (at the time of writing), managed to set a record of $52,577.50, which has been supported by signs of its growing acceptance among major institutional investors and firms like Mastercard and Tesla. The oldest American bank, BNY Mellon, has also announced its Bitcoin-focused plans, while BlackRock, the world’s largest asset manager, has said it is currently planning to “dabble” in Bitcoin
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