The world’s top 500 companies flocked to the cryptocurrency, bitcoin’s price hit a record high of nearly 50000 US dollars

Fx168 financial news (North America) with Fortune 500 companies expressing support for digital currency, the price of bitcoin hit a new high of nearly 50000 US dollars last Sunday (February 15). Bitcoin, the world’s largest cryptocurrency by market value, soared more than 5% on Sunday afternoon to an all-time high of $49716, according to industry website coindesk. (source: coindesk) however, this digital asset reversed its trend on Monday, falling 2.73% to around $47729 in the past 24 hours. Bitcoin’s rise on Valentine’s Day is believed to have been driven by news that big companies such as Tesla, MasterCard and bny Mellon are beginning to favor cryptocurrencies. Tesla revealed in a document last week that it had bought $1.5 billion worth of bitcoin and said it would soon accept payments in the digital currency. MasterCard said on Thursday it would support some cryptocurrencies later this year, while bny Mellon announced the next day that it would open custody services to digital assets. The price of bitcoin has more than tripled in 2020, up more than 60% since the beginning of the year. Bulls say this is because of increased demand from institutional investors and the perception that bitcoin is a gold like hedge. However, bears worry that bitcoin may be one of the biggest market bubbles in history. Proofread by: Charlotte

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