Sat 13 March 2021:
Bitcoin crossed a record high of $60,000 on Saturday morning, continuing its rally as major companies and financial institutions adopt cryptocurrencies.
The cryptocurrency hit an all-time high of $60,012 at 1149 GMT before dipping back down below the $60,000 mark, according to the website CoinMarketCap.
Bitcoin, the world’s biggest cryptocurrency, was at $60,415.34 as of 7:25 a.m. ET, according to Coinbase, recovering from a dip at the end of February that followed a previous record high that month.
Bitcoin’s rally is driven partly by increased adoption by larger institutional investors and firms and speculative demand. Tesla has purchased $1.5 billion worth of bitcoin and plans to accept the digital coin as payment for its products, a decision that sparked more widespread interest.
That sparked speculation that other big companies may soon add bitcoin or other cryptocurrencies to their balance sheets, since bitcoin is generating a significantly higher return than bonds and cash. Software firm MicroStrategy (MSTR) has been actively buying bitcoin.
Bitcoin isn’t the only cryptocurrency getting a boost. Smaller digital currencies such as ethereum, litecoin and stellar have soared in 2021.
FOLLOW INDEPENDENT PRESS:
TWITTER (CLICK HERE)
https://twitter.com/IpIndependent
FACEBOOK (CLICK HERE)
https://web.facebook.com/ipindependent
Think your friends would be interested? Share this story!
