The cost to purchase one Bitcoin surpassed $50,000 per token for the first time in history.
Traders pumped the flagship cryptocurrency towards a new record high of $50,645 ahead of the New York opening bell on Tuesday. Their upside bias took cues from a sequence of optimistic events that happened last week, ranging from Tesla’s $1.5bn investment into Bitcoin to the Mastercard and BNY Mellon’s decision to integrate the cryptocurrency into their existing financial services.
Pump, Dump, Pump Again
Bitcoin’s ballistic move above $50,000 also appeared against a weaker US dollar sentiment, led by the Federal Reserve’s open-ended quantitative easing programs and the US President Joe Biden’s relentless efforts to pass his $1.9tn coronavirus stimulus package through public support.