Mastercard, BNY Enable Cryptocurrency Payments; Bitcoin Price Hits $48,000

Tesla invests $1.5 Billion in Bitcoin
  • Bitcoin price hit all-time high while numerous companies adopt it as their additional mode of payment
  • Mastercard, Bank of New York Mellon to support cryptocurrency payments over their network
  • Tesla invests $1.5 Billion in Bitcoin, allowing users to purchase its products using the crypto
  • Traditional Institutions endeavor to adopt Bitcoin observing the world’s growing interest in crypto 

Bitcoin price soared to an all-time high of $48,745 on February 11, 2021, when the legendary Wall Street Corporation plowed into the cryptocurrency ecosystem.

Mastercard and BNY Mellon Promote Digital Assets

On Thursday The Wall Street Journal published a report concerning the Bank of New York Mellon Corporation, one amongst the United State’s most initial banks. The report highlighted that the bank would induct cryptocurrency payments for its clients anytime soon.

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BNY Mellon news rolled out in the market following Mastercard’s announcement to commence cryptocurrency payments on February 11, 2021. Although Mastercard has not declared a specific date, it intends to begin crypto-payments on its network by year-end.

Tesla’s Investment in Bitcoin

Furthermore, Tesla Inc. invested $1.5 billion in Bitcoin and would allow its products to be purchased using the crypto. Tesla’s decision was delivered observing the shifting interest of traditional institutions in the digital asset world.

Numerous institutional investors have adopted Bitcoin as a payment medium, including prominent names like- Mastercard, Tesla. These actions have made Bitcoin soar to record highs of $48,000 on Thursday. On February 12, Bitcoin price traded at $47,592, 6% up in the market session. Furthermore, BTC marked an all-time high of $48,745 on February 11.

Significant Soar In Bitcoin Price 

Bitcoin prices have surged almost 65% since the start of 2021. The crypto asset has also surpassed the Dow Jones Industrial and S&P 500 index’s traditional market gains.

Bitcoin is by far the largest cryptocurrency globally. Crypto is being accepted as the first digital asset that has garnered the world’s attention—leading to a significant increase in the Bitcoin family.

Market Overview of Bitcoin

The current circulating supply of Bitcoin is 18 Million, and its market capitalization has surpassed $890 Billion, according to CoinMarketCap.com. This represents nearly 62% market dominance of the asset. During the past two trading sessions of Tuesday and Wednesday, Bitcoin remained muted. However, the surge in asset’s adoption has led to a massive price boom. Still, skeptics believe that the BTC price may hit $50,000 very soon. 

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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