Bitcoin has risen above US$50,000 for the first time on February 16. Bitcoin hit a new high of US$50,602, reports came, It has risen around 72% so far this year, with most of the gains coming after electric carmaker Tesla said it had bought US$1.5 billion in bitcoin. It also said it would accept the currency as payment.
“The crypto king has crossed the 50K price level for the first time as institutions are all over it,” said AvaTrade analyst Naeem Aslam.
“There is a lot of FOMO (fear of missing out) among traders as the price is going through the roof and we have limited supply.”