Bitcoin Latest News: Sending a clear sign that world’s biggest cryptocurrency is gaining acceptance amongst mainstream investors, Bitcoin rose above USD 50,000 on Tuesday to a new record high. The cryptocurrency was last up 3.9% at USD 49,891. Notably, the bitcoin has risen around 72% so far this year. Also Read - Need Coordinated Action Between Centre, States on Tax Reduction in Fuel Prices: RBI Governor
With the price increase, the market capitalization of the world’s largest cryptocurrency is around $927 billion, according to data from CoinGecko. Also Read - Will Cryptocurrencies Have Impact on Financial Stability of Country? RBI Expresses Concern
Looking at its rising trend, Mike McGlone, a commodity strategist at Bloomberg Intelligence, said that bitcoin volatility is likely to continue rising in the near term and remain elevated until it settles in around its next plateau. He also added that USD 100,000 may be a long-term target. Also Read - Elon Musk Loses $15 Billion, World's Richest Title With One Tweet | Here's What Happened
Many recent announcements clearly indicate clearly that Bitcoin is winning more mainstream attention after Tesla’s purchase catapulted cryptocurrencies onto the agenda of corporate treasurers worldwide.
On the other hand, people with knowledge of the matter say that a unit of Morgan Stanley is also considering betting on Bitcoin.