Bitcoin rises 5% to $50,942.58

By Reuters On Mar 4, 2021

Bitcoin rises 5% to $50,942.58 — FILE PHOTO: A collection of bitcoin (virtual currency) tokens are displayed in this picture illustration taken Dec. 8, 2017. REUTERS/Benoit Tessier/Illustration

(Reuters) – Bitcoin rose 5% to $50,942.58 on Wednesday, adding $2,426.23 to its previous close.

Bitcoin, the world’s biggest and best-known cryptocurrency, has risen 83.7% from the year’s low of $27,734 on Jan. 4.

Bitcoin has fallen 12.7% from the year’s high of $58,354.14 on Feb. 21.

Bitcoin’s price soared this year as major firms, such as BNY Mellon (NYSE:BK), asset manager BlackRock Inc (NYSE:BLK), credit card giant Mastercard Inc (NYSE:MA), backed cryptocurrencies, while those such as Tesla (NASDAQ:TSLA) Inc Square Inc (NYSE:SQ) and MicroStrategy Inc invested in bitcoin.

Ether, the coin linked to the Ethereum blockchain network, rose 7.18 % to $1,595.64 on Wednesday, adding $106.84 to its previous close.

942.58 Bitcoin rises 5% to $50