Bitcoin Heads Close To $50000 Levels On Wider Adoption, Launch Of First Bitcoin ETF

On being embraced by global investors and being advocated by analysts, the largest digital token bitcoin is seeing record run and is now close to $50,000 levels as on Sunday. On Friday, the bitcoin was trading at a high of $49,714. And on a YTD basis, it has made gains of 70 percent.

This is as the instrument is finding increasing acceptance as a mainstream asset in addition to payment method.

Last week, BNY Mellon said it has come up with a new unit in order to enable clientele store, transfer as well as issue digital currency. This was following Tesla's move to allow people purchase its products using the currency.

Further, Canada's Ontario Securities Commission allowed the launch of first Bitcoin ETF, Toronto-based asset management company Purpose Investments Inc said in a statement. Besides Mayor Francis Suarez of Miami said the city is seeking to adopt bitcoin in its operations and this mean attracting technology companies.

BlackRock Inc, the largest asset manager globally added bitcoin as an eligible investment to two funds. Mastercard, the card issuing company also would offer a platform to engage in cryptocurrencies.

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