Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

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

CryptocurrencyFeb 14, 2021 12:10PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A collection of bitcoin (virtual currency) tokens are displayed in this picture illustration

(Reuters) - 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.

Bitcoin recently stood at $48,700 on Sunday morning, up more than 3%. It had traded as high as $49,714 earlier in the day. The cryptocurrency is up almost 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 (NYSE:BK) said last week it formed a new unit to help clients hold, transfer and issue digital assets, just days after Elon Musk's Tesla (NASDAQ:TSLA) revealed it had bought $1.5 billion worth of the cryptocurrency and would soon accept it as a form of payment for its cars.

On Friday, Canada's Ontario Securities Commission approved the launch of Purpose Bitcoin ETF, Toronto-based asset management company Purpose Investments Inc said in a statement. The OSC confirmed it had cleared the launch of the world's first bitcoin exchange-traded fund, in a separate statement to Reuters.

“The institutional side and corporate America is showing that this movement is not going away anytime soon,” said Edward Moya, senior market strategist at OANDA. “There’s still a raft of big money that’s going to jump onto this bandwagon.”

Mayor Francis Suarez of Miami also said on Friday the Florida city is seeking to embrace bitcoin in its operations, a move that could bring dividends in terms of attracting technology companies.

In January, BlackRock Inc (NYSE:BLK), the world's largest asset manager, added bitcoin as an eligible investment to two funds.

Credit card giant Mastercard (NYSE:MA)'s plans to offer support for some cryptocurrencies also boosted bitcoin's ambitions towards mainstream finance, though many banks remain reluctant to engage with it.

Cryptocurrency miner Riot Blockchain (NASDAQ:RIOT) rose 14% on Friday and hit its highest in over 10 years with a weekly gain of 110%, its biggest weekly gain since 2017. Digital asset tech company Marathon Patent Group showed a weekly gain of over 70%.

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

Related Articles

EOS Jumps 20% As Investors Gain Confidence
EOS Jumps 20% As Investors Gain Confidence By Investing.com - Apr 13, 2021

Investing.com - EOS was trading at $7.7670 by 20:29 (00:29 GMT) on the Investing.com Index on Wednesday, up 20.04% on the day. It was the largest one-day percentage gain since...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Ricardo Rios
Ricardo Rios Feb 14, 2021 11:52AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Can give you an advice? Buy BTC
Kelly Mayer
Kelly Mayer Feb 14, 2021 10:10AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Getting legislated soon. Digital coins are likely to have been an experiment to see if people would accept a digital currency. Next phase will be legislating all digital currencies and introducing central banks' owned digital currencies. All others will perish over time. The media goes after you if you go against their narrative - Do you really think the extremely more powerful bank lobby would let go of their monopoly on currency?
Josh White
Josh White Feb 14, 2021 10:10AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
except the elite have no one to go after, because its decentralized... otherwise it would have been stopped already
Francesco Lucchesi
Francesco Lucchesi Feb 14, 2021 10:10AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Josh White they can go after the exchanges though
George Sampoang
George Sampoang Feb 14, 2021 10:10AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the new exchanges are decentralized already , wake up, lol
Oscar Perez
Oscar Perez Feb 14, 2021 10:10AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You dont fully understand how decentralized digital currencies work, but its never too late to learn.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email