Bitcoin Blasts by $50K  

Scott Keisler

Bitcoin 1 year ago
Scott Keisler | February 16, 2021

After a few days of flirtation Bitcoin finally blasted past the $50K mark today en route to an all-time high of $50,645. The world's most recognized cryptocurrency is up over 200 percent in the last 90 days and 400 percent against the U.S. Dollar in 2021.

The decentralized cryptocurrency pushed passed the psychological barrier of 50K today and is seeking to do the same in terms of mainstream acceptance and utilization. In the past few days and weeks there have been a series of announcements which may indicate that this is exactly what is happening.

In January the world's largest asset manager BlackRock Inc. added Bitcoin as an eligible investment in two funds. Then on February 1st Elon Musk made waves by revealing a $1.5B position in Bitcoin.

Last week MasterCard announced it will begin supporting some cryptocurrencies on its payments network, America's oldest bank BNY Mellon revealed that it is rolling out a new Digital Assets Division, and Morgan Stanley trial ballooned the idea of adding Bitcoin to its world class portfolio.

Yesterday MicroStrategy, a business analytics company, announced a $600 million debt offering and will use the proceeds to purchase more Bitcoin.

Some less bullish analysts are quick to point out that the present surge is still based on a theoretical normalization / mainstreaming of the decentralized currency and that if expectations don't materialize it could lead to a downturn.

Just hours before BTC reaching its all-time high over $290M worth of positions were liquidated, highlighting a climate that is quite volatile overall.

The question of the moment seems to be whether or not Bitcoin is in the process of breaking through into the mainstream. Stay tuned!

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