Bitcoin rises above $50,000 for first time ever

world
Bitcoin Rises Above $50,000 For First Time Ever
An image of Bitcoin and US currencies is displayed on a screen as delegates listen to a panel of speakers during the Interpol World Congress in Singapore on July 4, 2017. - The three-day conference on fostering innovation for future security challenges is taking place from July 4 to 6. (Photo by ROSLAN RAHMAN / AFP) (Photo by ROSLAN RAHMAN/AFP via Getty Images)
Share this article

By Thyagaraju Adinarayan

Bitcoin has risen above $50,000 (€40,000) to a new record high, building on a rally fuelled 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 per cent at $50,300. It has risen around 72 per cent so far this year, with most of the gains coming after electric carmaker Tesla said it had bought $1.5 billion in bitcoin.

Advertisement

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.

Read More

Message submitting... Thank you for waiting.

Want us to email you top stories each lunch time?

Download our Apps
© BreakingNews.ie 2024, developed by Square1 and powered by PublisherPlus.com