Bitcoin passed the $60,000 mark for the first time on Saturday, with analysts saying the giant US stimulus package helped boost the world’s most popular virtual currency on its record-breaking run.
The announcement marks an important step in the acceptance of cryptocurrencies use in commerce.
Tesla customers can now buy its electric vehicles with, its chief, Elon Musk, said on Thursday, marking a significant step forward for the cryptocurrency’s use in commerce.
Over the past year, the machines have sprung up across the United States due to the frenzy surrounding crypto trading that sent bitcoin prices over $58,000.
Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its market capitalisation cross $1 trillion a day earlier.
Bitcoin recently exceeded the $23,000 mark – an all-time high – which has set the global investment community buzzing. Ethereum, the world’s second largest cryptocurrency by market capitalization,
World shares dipped on Friday as investors awaited progress towards more US fiscal stimulus, while the dollar was set for a weekly loss and cryptocurrency Bitcoin hit a record high.
Bitcoin dropped 1.77% to $50,269.9 on Saturday, losing $906.75 from its previous close. Bitcoin, the world’s biggest and best-known cryptocurrency, is down 22.5% from the year’s high of $64,895.22 on April 14.
A global chip shortage is choking the production of machines used to ‘mine’ bitcoin, a sector dominated by China, sending prices of the computer equipment soaring as a surge in the cryptocurrency value boosts demand.