Bitcoin is approaching $ 50,000, and wider adoption is fueling a record rally

February 14 (Reuters) – Bitcoin hit a new record high and approached $ 50,000 on Sunday, building on its record rally as Wall Street and Main Street adopt the world’s largest cryptocurrency.

Bitcoin recently rose to $ 48,800 on Sunday morning, up 3.2%. It traded $ 49,714 earlier that day. The cryptocurrency has grown by about 70% so far.

After being long removed from traditional financial firms, bitcoin and other virtual currencies seem to be increasingly entering the mainstream as a vehicle for routine assets and payments.

BNY Mellon said last week that it had formed a new unit to help customers own, transfer and issue digital assets, just days after Elon Musk’s Tesla revealed it had bought the 1.5 cryptocurrency. billions of dollars and that he will soon accept as a form of payment for his cars. .

On Friday, the Canadian Securities and Exchange Commission of Ontario approved the launch of the Purpose Bitcoin ETF, said in a statement the asset management company from Toronto, Purpose Investments Inc. The CSO confirmed that it had authorized the launch of the world’s first publicly traded fund, in a separate statement to Reuters.

Miami Mayor Francis Suarez also said Friday that the city of Florida is trying to embrace bitcoin in its operations, a move that could bring dividends in attracting technology companies.

In January, BlackRock Inc., the world’s largest asset manager, added bitcoin as an eligible investment for two funds.

Credit card giant Mastercard’s plans to support some cryptocurrencies have also boosted bitcoin’s ambitions for regular finance, although many banks remain reluctant to commit.

Cryptocurrency miner Riot Blockchain rose 14% on Friday to its highest level in 10 years with a weekly gain of 110%, the highest weekly gain in 2017. Digital asset technology company Marathon Patent Group showed a weekly gain of over 70%.