The price of Bitcoin reached a new record value of nearly $50 thousand after several major companies in the Fortune 500 list supported cryptocurrencies.
Whereas, Bitcoin, which is the largest digital currency in the world by market value, witnessed a 5% rise to record $49,716 on Sunday, the highest value the currency has ever reached, but the currency’s trajectory was reversed on Monday, falling by 2.4% over the past 24 hours to $47,925.
It is believed that the currency’s Valentine’s Day rally came after news of major companies such as Tesla, Mastercard and BNY Mellon turning to cryptocurrencies.
Tesla announced last week that it had bought $1.5 billion worth of bitcoin and said it would accept crypto payments soon.
Mastercard said Thursday that it will begin supporting selected cryptocurrencies later this year, while BNY Mellon announced the following day that it will launch new custodial and handling services for digital assets.
It is worth noting that the price of Bitcoin quadrupled in 2020 and rose more than 60% since the beginning of this year, and supporters of the currency say that this is due to the increasing demand by institutional investors and the consideration of the digital currency as a store similar to gold to maintain value, but anti-currency people worry that Bitcoin is one of the biggest market bubbles in history that could explode at any moment.