Bitcoin surged above the $52,000 level on Wednesday for the first time.
The red-hot cryptocurrency rose to a record high of $52,340 at around 2:45 p.m. ET, according to data from Coin Metrics.
Bitcoin was created in 2009, not long after the global financial crisis. It has gone from a protest against the banking system to something of a “digital gold” that is beginning to catch on with mainstream investors.
On Wall Street, major investment banks appear to be warming to bitcoin. JPMorgan said recently it’s looking seriously at the asset class, and Goldman Sachs has also shown an interest in crypto. A division of Morgan Stanley is reportedly considering adding bitcoin to its list of possible bets.
Companies like PayPal and Mastercard have made significant moves to support cryptocurrencies. And Tesla last week said it had invested $1.5 billion into bitcoin and planned to accept the digital currency as payment for its products.
Strategists at JPMorgan warned in a note Tuesday that unless bitcoin’s volatility starts to ebb, its current price “looks unsustainable.” Bitcoin and other cryptocurrencies have gained a reputation for their extreme price swings.
Robinhood to allow customers to deposit, withdraw cryptocurrencies
Online broker Robinhood said on Wednesday it intends to give customers the ability to deposit and withdraw cryptocurrencies, including the meme-based dogecoin.
The trading app popular with young investors currently allows customers to buy, sell and hold cryptocurrencies such as Bitcoin on its platform, but users cannot withdraw their assets to transfer to other wallets.
Reference: CNBC, Reuters
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