BREAKING: Bitcoin rises above $50,000 for first time

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Bitcoin rose above $50,000 for the first time on Tuesday while European equities eased after soaring the previous day on reduced coronavirus fears and thanks to mounting optimism over US President Joe Biden’s vast stimulus plan, traders said.

Bitcoin surged past the $50,000 mark in midday European trading, striking $50,547.70 around 1235 GMT.

The price of the cryptocurrency has soared 75 per cent since the start of the year.

Recall Bitcoin reached a record $40,000 just hours after it sold for $38,000 in January.

The progress began in December 2020 when it broke the $19,783 price it recorded in 2017.

While bearish traders expected that the December rise would drop in no time, Bitcoin continued to rise in value with a growth of 13.45% over the last 24 hours.

Bitcoin which is seen as a digital gold has attracted institutional investments into the cryptocurrency market.