Bitcoin Breaks a New Record, reaching $50,000 for First Time in History


Bitcoin (BTC) broke a new record on Tuesday — reaching $50,487 for the first time in history. The largest digital currency rejected the $50k for more than a week but finally soared 3% after major financial institutions showcased their interest in BTC. It later fell below the new all-time high record to reach $48,952.

BTC, the largest digital currency by both price and market capitalization owes its price surge to Tesla, MasterCard, and Bank of New York. Last week, Tesla announced it had bought over $1.5 billion worth of Bitcoin. Meanwhile, the Bank of New York and MasterCard said they will accept the digital currency. MasterCard added that it will open up its network to several digital currencies, months after PayPal allowed U.S. users to trade in Bitcoin.

Following the news about growing interest from both giant companies and financial institutions, the virtual token saw an immense increase. Although BTC suffered a severe correction in late January, the digital token recovered to breaking three consecutive price records in 2 weeks period.

More companies are now considering Bitcoin

The growing interest from major players like Tesla has had other companies considering Bitcoin. For instance, Uber CEO Dara Khosrowshashi said in an interview with CNBC last week that his company discussed buying Bitcoin. However, they “quickly dismissed” the investment, and may consider accepting it as payment in the future.