Bitcoin Value Breaks $ 50,000 Threshold For The First Time

Bitcoin investors have another reason to celebrate now. The popular cryptocurrency reached another milestone as its spiked past USD 50,000 for the first time. Bitcoin is now the world's largest cryptocurrency and it continues to captivate investors worldwide. Following closely behind is Ether, another cryptocurrency, which is up about 140 percent year-to-date.

Bitcoin Reaches USD 50,000

The record occurred on February 16, Eastern Time when Bitcoin reached USD 50,191 (around Rs. 36,56,113). Bitcoin is now up about 73 percent so far this year. Despite launching nearly a decade ago, Bitcoin was trading only for a few cents. Looking back, Bitcoin recorded a spike of 170 percent, which was around USD 29,000 at the ending of the fourth quarter last year.

Just days later, Bitcoin jumped USD 40,000. And six weeks later, Bitcoin achieved the USD 50,000 threshold. Of course, this comes right after several prominent personalities began talking and investing in Bitcoin, including Paul Tudor Jones, Elon Musk, and others.

To note, Tesla's recent investment proved a strong catalyst to the surge in Bitcoin's value. Soon after Tesla's investment announcement, Bitcoins value spiked up by 16 percent, marking the biggest one-day gain in 202. Several other companies began talking about Bitcoin, including Mastercard and Bank of New York Mellon Corp.

Bitcoin Value Surges: What Experts Think

The rise in Bitcoin's value has attracted everyone's interest in cryptocurrency. "Whether it's Musk, Mastercard or Morgan Stanley, the mood, music, and momentum is impossible to ignore," notes Antoni Trenchev, managing partner and co-founder of Nexo in London, a leading crypto lender.

Mastercard updated its blog post last week and highlighted the 'stablecoins'. To note, Mastercard has already joined hands with crypto card providers such as Wirex and BitPay. However, it faces a roadblock ahead as it requires digital currencies to be converted into decree before processing it further for payments and transactions on its network.

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