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Bitcoin crosses the $ 60,000 mark for the first time


 Bitcoin crosses the $ 60,000 mark for the first time

Bitcoin, the world's largest cryptocurrency, briefly surpassed a record $ 60,000 on Saturday, according to CoinDesk data.

And increased support from heavyweight companies helped the world's most popular virtual currency continue its record run.

Bitcoin crosses the $ 60,000 mark for the first time

Cryptocurrency has rallied sharply this year, broadly outperforming traditional asset classes, due in part to wider acceptance as a form of payment.

In recent weeks, companies have leveraged their power to raise hundreds of millions of dollars in financing, taking advantage of improved market sentiment.

The cryptocurrency has been on a rapid rise since March of last year, when it reached $ 5,000, driven by online payments giant PayPal, which said: It allows account holders to use the cryptocurrency.

A $ 1.5 billion Bitcoin bet last month from Tesla saw the electric car maker join the business software company MicroStrategy and payments company of Twitter president Jack Dorsey in swapping some traditional cash reserves for digital currency.

Coinbase, the largest cryptocurrency exchange in the United States, last month submitted an application to be listed on the NASDAQ exchange.

The regulatory approval represents a historic victory for cryptocurrency advocates seeking mainstream endorsement.

Amid growing customer demand to own and invest in Bitcoin, Goldman Sachs said this week: It is exploring how to serve these clients while staying on the right side of the regulation.

It recently restarted the cryptocurrency trading desk, and this month it began dealing with Bitcoin futures and non-deliverable futures contracts.

Other players that have entered exploring the field include corporate investment banking BNY Mellon, mutual fund giant BlackRock and credit card giant Mastercard.

Bitcoin, launched in 2009, made headlines in 2017 after rising from less than $ 1,000 in January to nearly $ 20,000 in December of the same year.

All of these reasons led Bitcoin to cross the $ 60,000 mark for the first time

The virtual bubble burst in subsequent days, as Bitcoin's value fluctuated dramatically before dropping below $ 5,000 by October 2018.

However, the rally in the past year has been more steady, as investors and finance giants on Wall Street wooed by spectacular growth, the opportunity to diversify profits and assets, and a safe store of value to guard against inflation.