Bitcoin breaks $50,000 for the first time as record-shattering 2021 rally extends to 74% amid Wall Street adoption
The price of bitcoin on Tuesday jumped above $50,000 for the first time, bringing its year-to-date gain to 74%. Recent interest from Wall Street institutions has added to the momentum.
Bitcoin rose by as much as 4.9%, to $50,547.70. The cryptocurrency then pared gains slightly, trading at $48,853.99 as of 9 a.m. ET.
Elon Musk’s Tesla triggered the latest climb when it said on February 8 that it had bought $1.5 billion worth of bitcoin in January and that it intended to start accepting the coin as payment.
Interest from major financial firms including BNY Mellon and Mastercard has helped to support the rally by adding legitimacy to the asset.