The bitcoin price rose above $50,000 to hit an all-time high of $50689.18 on Tuesday, as interest from Wall Street institutions added momentum to the exceptional rally.
The price of Bitcoin rose to $50689.18 on the Binance exchange, which observed the most volume in the last 24 hours before it slipped back. It has risen about 67% so far this year.
On February 8, Elon Musk’s tesla triggered the latest climb higher when it announced it had bought $1.5 billion of the cryptocurrency in January. The electric vehicle company also stated that it is planning to begin accepting the coin as a payment method for its electric cars. That would make Tesla the very first major automaker to do so.
The 1.5 dollars billion investment in bitcoin will give Tesla liquidity in the cryptocurrency once it starts accepting crypto for payment.
Ever since Tesla’s investment, other major financial firms including BNY Mellon and Mastercard too joined the rally by adding authenticity to the cryptocurrency.
On February 10, Mastercard announced it plans to allow merchants use selected cryptocurrencies later this year.
On February 11, BNY Mellon planned to issue, hold, and transfer clients’ bitcoin. It would be the world’s first bank to offer an integrated digital asset service to its clients.
The interest from big players has been a chief driver of the remarkable rally in the bitcoin price from below $4,000 in March 2020 to inches away from $50.7K.
Craig Erlam, senior market analyst at currency platform Oanda stated that with several big names making bitcoin-related declarations, the last few weeks have been terrific for the crypto space.
At the moment, breaking $51K seems to be possible, but the question how far and how fast it will break $100K bar still remains.
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