Bitcoin rises above $60,000 for first time

Bitcoin simulated $97,937 ▲0.24%, the most popular cryptocurrency, briefly crossed $60,000 on Saturday for the first time to hit a fresh high on the back of rising interest of corporate magnets in the virtual currency.

The digital currency was recorded at an all-time high of $60,012 at 1149 GMT, according to the CoinMarketCap.

It started witnessing massive surge since March 2020 when it was hovering around $5,000 after PayPal allowed account holders to use cryptocurrency, according to https://pakobserver.net/.

Last month, Bitcoin jumped more than 10 percent to a record high after Tesla said it had invested $1.5 billion in the most popular cryptocurrency last month.

The news sent Bitcoin soaring as high as $43,625 as of 1300 GMT. Smaller cryptocurrencies including ethereum and XRP that tend to move in tandem with bitcoin also jumped, rising as much as 5 percent and 4 per cent respectively.

The electric carmaker unveiled the investment ten days after its chief executive Elon Musk drove up the cryptocurrency’s price by adding a “#bitcoin” tag on his Twitter profile page.

Musk removed the tag from his Twitter bio a few days later but has continued talking up bitcoin and other cryptocurrencies, in particular, dogecoin, to his 46 million Twitter followers.