Bitcoin rose above $50,000 for the first time on Tuesday while European equities eased after soaring the previous day on reduced coronavirus fears and thanks to mounting optimism over US President Joe Biden’s vast stimulus plan, traders said.
Bitcoin surged past the $50,000 mark in midday European trading, striking $50,547.70 around 1235 GMT. The price of the cryptocurrency has soared 75 per cent since the start of the 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 US firms and traditional money managers have started to buy a lot of it.
(News credit: thenationonlineng.net)