By
Steve Muchoki
April 19th, 2024
The recent surge in the price of Bitcoin came after a series of events that show the wider adoption of Bitcoin globally.
Bitcoin reached a new all-time high, hitting almost $50,000 for the first time in history. Specifically, the leading crypto asset surged to $49,714 on the 14th of February, 2021. Shortly after, the king coin fell to $48,700. The new BTC record high topped its previous record of $49,000 recorded on the 11th of February.
Bitcoin has been surging over the past year, pulling in new gains, recording more investors, and reaching new highs. The price of Bitcoin increased significantly during the pandemic when the Federal Reserve reduced interest rates to almost Zero in March last year.
Bitcoin Climbed New All-Time High of Over $49,000
At press time, data provided by CoinMarketCap revealed that Bitcoin is down 2.51% to $47,582.79. According to the data, Bitcoin has traded as high as $49,487.64 in the last 24 hours. Also, the lowest trading price over the same period is $46,487.61. Bitcoin’s trading volume has increased 3.5% to nearly $71 billion over the past 24 hours. In its year-to-date record, BTC has surged about 70%.
As Bitcoin nears $50,000, pseudonymous trader Kaleo said in a tweet that he would be observing BTC’s price movement.
I’ll be watching very closely, because it makes a huge impact not only on my swing BTC trade, but all of my alt bags as well.
I’ll keep you guys posted.
Let me know your thoughts.
— K A L E O (@CryptoKaleo) February 14, 2021
He added:
“So this move up to just under $50k was incredibly easy to spot. The real question is what happens next. I’m leaning toward brief consolidation and breaking out of range, but I’m undecided. How long will it take? Does it get rejected? Idk.”
Bitcoin Sees Wider Adoption
Over the past months, Bitcoin has seen an increase in its individual and institutional investors.
The recent surge in the price of Bitcoin came after a series of events that show the wider adoption of BTC globally.
On the 13th of February, reliable sources told Bloomberg that Morgan Stanley’s $150 billion Counterpoint Global investment unit is considering investing in Bitcoin. Morgan Stanley’s investment unit is in charge of almost 20 funds. According to an earlier report by Bloomberg, five of the 20 funds generated more than 100% gains in 2020.
In addition, Deutsche Bank recently revealed plans to “ensure the safety and accessibility of assets for clients by offering an institutional-grade hot/cold storage solution with insurance-grade protection.”
Furthermore, the world’s largest custodian bank with about $41 trillion in assets, BNY Mellon (NYSE: BK), has announced its debut into the crypto space. During the announcement on the 11th of February, BNY Mellon said it would roll out a digital custody unit. The new unit will help BNY Mellon clients to deal in cryptocurrencies.
Shortly after BNY Mellon’s announcement, Ontario Securities Commission (OSC) approved the launch of the world’s first Bitcoin exchange-traded fund. In a statement to Reuters, the senior market strategist at OANDA, Edward Moya, said:
“The institutional side and corporate America is showing that this movement is not going away anytime soon. There’s still a raft of big money that’s going to jump onto his bandwagon.”
Another significant factor behind the recent BTC gains is Tesla’s $1.5 billion investment in the leading crypto asset. The automaker also said it may accept Bitcoin payment for any of its products in the near future.