Bitcoin rises 5% to $50,942.58
- Wall Street ends week positively; S&P 500, Dow hit record highs
- Bitcoin (BTC) Drops 3% as Turkey Bans Cryptocurrency Payments Citing Lack of Regulatory Supervision
- Morgan Stanley (MS) Archegos-Related Loss Appears to be $911M
- Dollar at 4-week low on retreating Treasury yields
FILE PHOTO: A collection of bitcoin (virtual currency) tokens are displayed in this picture illustration taken Dec. 8, 2017. REUTERS/Benoit Tessier/Illustration
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
(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, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc 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.
(Reporting by Bhargav Acharya in Bengaluru; Editing by Chris Reese)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Bitwage breaks through the quarantine economy towards record growth
- Greece says resolving differences with Turkey may be hard, but not impossible
- Syria to hold presidential elections on May 26 - parliament