Bitcoin breaches $50,000 mark as it gains more traction
Bitcoin reached a historic high as it placed above the $50,000 mark on Tuesday. The latest increase then added steam to a rally brought by signs that the world’s most prominent cryptocurrency is gaining tighter market traction among mainstream investors and companies.
Bitcoin was seen at $50,603, jumping 0.83% higher from its previous record of $48.351. It has extended its bull run as it gained 67% so far this year. This was mainly from Tesla’s announcement that it invested a total of $1.5 billion in Bitcoin.
Tesla’s decision to integrate Bitcoin as one of its payment methods came as another addition to a series of investments that greatly lifted the cryptocurrency. While this could be heavily attributed to investors’ upbeat enthusiasm, its growing visibility could also be owed to an increase in corporate acceptability.