Cryptocurrency Surges as Bitcoin Nears $50K

The price of Bitcoin (BTC) has surpassed $48,500 and neared 50k across major exchanges as cryptocurrency demand increases.

The huge spike has also reportedly attracted major banks such as Bank of New York Mellon’s, JPMorgan (NYSE:JPM), Goldman Sachs (NYSE:GS),  and Morgan Stanley.

Guy Hirsch, U.S. managing director at eToro, said that Tesla’s $1.5-billion BTC purchase contributed to a boost in its popularity.

Enterprise business analytics maker MicroStrategy was the firm that sold the BTC to Tesla and said that it plans to further expand its business into cryptocurrency as its popularity rose. 

“Bitcoin is a bank in cyberspace, run by incorruptible software, offering a global, affordable, simple, & secure savings account to billions of people that don’t have the option or desire to run their own hedge fund,” said Microstrategy CEO Michael Saylor.

Analysts at Decentrader reported that Bitcoin’s liquid supply has been decreasing while demand has been increasing.

BTC currently has a liquid supply of about four million coins which have decreased since June 2020.

The overall cryptocurrency market ceiling now stands at $1.48 trillion and BTC’s dominance rate is now at 60.4%.

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