February 14 (Reuters) – Bitcoin reached a new high on Sunday, approaching $ 50,000, building on its record high as Wall Street and Main Street increasingly adopt the world’s largest cryptocurrency.
Bitcoin recently rose $ 48,800 on Sunday morning, up 3.2%. It traded up to $ 49,714 earlier in the day. The crypto-currency is about 70% higher to date.
After long avoiding traditional financial ventures, it seems that bitcoin and other virtual currencies are increasingly entering the mainstream as an asset and routine means of payment.
BNY Mellon said last week it was setting up a new unit to help customers hold, transfer and issue digital assets, days after Elon Musk’s Tesla unveiled its $ 1.5 cryptocurrency. billion and would soon accept it as a means of payment for his cars. .
Canada’s Ontario Securities Commission approved the launch of Purpose Bitcoin ETF on Friday, Toronto-based asset management company Purpose Investments Inc said in a statement. The OSC confirmed that the launch of the world’s first bitcoin exchange-traded fund was clarified in a separate statement to Reuters.
Miami Mayor Francis Suarez also said Friday the city of Florida wants to embrace bitcoin in its operations, a move that could pay dividends in terms of attracting tech businesses.
In January, BlackRock Inc, the world’s largest asset manager, added bitcoin as a eligible investment to two funds.
Credit card giant Mastercard’s plans to support some cryptocurrencies have also bolstered bitcoin’s main funding ambitions, though many banks remain reluctant to link to them.
The miner of the Cryptocurrency Riot Blockchain rose 14% on Friday, reaching its highest in more than 10 years with a weekly profit of 110%, its largest weekly profit since 2017. The digital asset technology company Marathon Patent Group has a weekly profit of more than 70%.
Reporting by Fergal Smith in Toronto, David Randall in New York; Julien Ponthus in London, Karen Pierog in Chicago; Writing by Alden Bentley; Edited by Ira Iosebashvili and Lisa Shumaker