Bitcoin, the world’s biggest cryptocurrency, on Saturday crossed a record high of $60,000.
Bitcoin has risen sharply this year, broadly outperforming conventional asset classes, partly due to broader acceptance of the currency as a form of payment.
In recent weeks, companies have taken advantage of its strength to raise hundreds of millions of dollars in funding, capitalizing on improved market sentiment.
A $1.5 billion bitcoin bet made last month by Tesla saw Elon Musk’s electric car business join business software vendor MicroStrategy and payments company Square Inc in swapping some traditional cash reserves for the digital coin.
Coinbase, the biggest US cryptocurrency exchange, filed last month for a Nasdaq listing. Regulatory approval would represent a landmark victory for cryptocurrency advocates seeking mainstream endorsement.
Amid rising customer demand to own and invest in bitcoin, Goldman Sachs, said this week that it is exploring how to serve those clients while remaining on the right side of regulation. It recently restarted a cryptocurrency trading desk and this month it started dealing bitcoin futures and non-deliverable forwards.
The team at Platform Executive hope you have enjoyed this news article. Translation from English to a growing list of other languages via Google Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Ann Maria Shibu in Bengaluru. Editing by Angus MacSwan and Daniel Wallis.
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