- On Tuesday, Bitcoin hit an all-time high of more over $50,000.
- Large corporations like as Tesla, Mastercard, and BNY Mellon have expressed interest in cryptocurrency.
- Many cryptocurrency investors believe that the current bull run is distinct from the late-2017 bubble.
Bitcoin’s price surpassed $50,000 for the first time after July on Tuesday, continuing its meteoric rise as major corporations embrace cryptocurrency.
According to data from Coin Metrics, the world’s largest digital currency by market value rose more than 3% to an all-time high of $50,487 at about 7:30 a.m. ET. It later dipped below the barrier, with a price of $48,760, up 0.2 percent.
Twitter exploded after the no. 1 crypto touched $50K mark. Various people including CEO’s and celebs showed their happiness on the green candlestick.
India’s biggest crypto exchange wazirx posted a funny tweet about the price hike.
Model cum entertainer Amanda Cerny also posted about bitcoin.
David Gokhshtein, CEO of PAC coin mocked those who get short on bitcoin.
Bitcoin has benefited from reports that major corporations such as Tesla and Mastercard are supporting the cryptocurrency.
Tesla announced last week that it has purchased $1.5 billion in bitcoin and expects to accept it as payment for its products, while Mastercard announced that it will accept some digital currencies on its network.
PayPal and BNY Mellon have also made significant investments in cryptocurrency.
Here’s the list of the major banks investing big sums on cryptocurrencies.
Many crypto investors believe the present bull run is different from previous rallies as a result of these events. Bitcoin’s value soared to nearly $20,000 in late 2017, only to plummet by more than 80% the following year.
Bitcoin believers argue that, unlike the 2017 bubble, which was powered by retail speculation, the current cycle is being driven by institutional demand.
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