Bitcoin Sets Fresh Record Above $50K Pushing Yearly Gains to 69%
Bitcoin reached a new all-time high of $50,001.35 Tuesday morning, just days after breaking above $48,000 for the first time.
- The cryptocurrency’s latest pop pushes 2021 gains to 69%.
- Nearly $358 million in bitcoin futures have been liquidated over the past 24 hours, according to Bybt, as the crypto has rallied more than 5% over the same period.
- Meanwhile, futures contracts (BTCG2021) on one of the largest bitcoin derivatives marketplace by open interest, the Chicago Mercantile Exchange, hit a high of $50,500.
- Bitcoin’s latest record high follows a flurry of institutional and corporates interest in the leading cryptocurrency.
- Last Monday, Tesla bought $1.5 billion worth of the cryptocurrency, which saw the digital asset’s price spike by almost $4,000, according to CoinDesk's price index.
- Additionally, in just the past week, Twitter’s CFO said the company is considering investing in bitcoin, BNY Mellon announced plans to custody cryptocurrency for its clients and PayPal confirmed its plans to add crypto to its Venmo product.
- The overall crypto market broke $1.5 trillion for the first time on Monday.
See also: Institutions Not Worried About Bitcoin Dropping Below $40K, Options Data Shows
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