Bitcoin nears $50,000-mark as it hits a record in weekend action

Bitcoin

By Administrator_ India

Capital Sands

Bitcoin reached a new record on Sunday, rising above $49,000 for the first time.

The world’s largest cryptocurrency reached about $49,344 earlier in the day and was around $49,202 as of 10:20 a.m. in London. It’s now up about 70 percent so far this year. Rival cryptocurrency Ether hit a record on Saturday and is up about 150 percent year-to-date.

Bitcoin has been buoyed in recent months by endorsements from the likes of Paul Tudor Jones and Stan Druckenmiller. Bloomberg reported earlier that Morgan Stanley may bet on Bitcoin in its $150 billion investment arm, following news late last week that BNY Mellon plans to service cryptocurrencies for its clients. And that’s after Tesla Inc. put about $1.5 billion into Bitcoin. Skeptics warn the asset class could be in a bubble, however.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.


Leave a Reply

Your email address will not be published. Required fields are marked *

*
*