Bitcoin nears $50,000, wider adoption fuels record rally

Bitcoin nears $50,000, wider adoption fuels record rally
  • Clock-gray 20:44
  • calendar-gray 14 February 2021

Bitcoin hit a new record high and approached $50,000 on Sunday, building on its record rally as Wall Street and Main Street increasingly adopt the world’s biggest cryptocurrency, APA reports quoting Reuters.

Bitcoin recently stood at $48,800 on Sunday morning, up 3.2%. It had traded as high as $49,714 earlier in the day. The cryptocurrency is up around 70% year to date.

After long being shunned by traditional financial firms, bitcoin and other virtual currencies appear to be increasingly entering the mainstream as an asset and routine payment vehicle.

BNY Mellon said last week it formed a new unit to help clients hold, transfer and issue digital assets, just days after Elon Musk’s Tesla revealed it had bought $1.5 billion worth of the cryptocurrency and would soon accept it as a form of payment for its cars.

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