Bitcoin vaults above $50,000 for first time ever

Author of the article:



Thyagaraju Adinarayan

Publishing date:

Feb 16, 2021  •  6 days ago  •  1 minute read

LONDON — Bitcoin rose above $50,000 on Tuesday to a new record high, building on a rally fueled by signs that the world’s biggest cryptocurrency is gaining acceptance amongst mainstream investors.

Bitcoin hit a new high of $50,602, and was last up 5% at $50,300. It has risen around 72% so far this year, with most of the gains coming after electric carmaker Tesla said it had bought $1.5 billion in bitcoin.

It also said it would accept the currency as payment.

But Tesla was only the latest in a string of large investments that have vaulted bitcoin from the fringes of finance to company balance sheets and Wall Street dealing desks, as U.S. firms and traditional money managers have started to buy a lot of it. (Reporting by Thyagaraju Adinarayan, additional reportnig by Tom Westbrook; editing by Sujata Rao)


This advertisement has not loaded yet, but your article continues below.

Posted Newsletter

Sign up to receive the daily top stories from the National Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

This site uses Akismet to reduce spam. Learn how your comment data is processed.