Bitcoin flirted with $50,000 on Sunday and Monday, but passed the psychological price milestone with conviction in early Tuesday morning trading.
Bitcoin climbed from $48,400 floor on Monday evening to $50,500 in early Tuesday trading, before taking a dip to $48,500. Bulls are accumulating around $49,000, where it trades at the time of writing.
Bitcoin has an available supply of 18,630,268 and a total supply of 21 million total bitcoin, meaning 93% of all bitcoin have already been mined. Bitcoin has a market cap of around $919.7 billion at the $50,000 price.
This past weekend, Bloomberg reported that Morgan Stanley was exploring buying bitcoin for its investors.
On Wednesday, Mastercard offered vague crypto plans and committed to support "select cryptocurrencies" in the future. Last year, however, Mastercard CEO Ajay Banga said bitcoin is useless to the unbanked due to its volatility, despite the unbanked trading over $100 million per week on P2P exchanges. Banga becomes the latest banking CEO to flip on Bitcoin.
On Thursday, The Bank of New York Mellon, the nation’s oldest bank, said that it will begin holding custody of bitcoin and other digital currencies. BNY Mellon is the world's largest custodian bank and asset servicing company with $41 trillion under custody and $2.2 trillion under management across 35 countries, as of December 31, 2020.
On Friday, Apple gave BitPay the green light to start using Apple Pay with bitcoin prepaid cards. BitPay's U.S. cardholders can now add prepaid Mastercard to their Apple Pay wallets, according to a BitPay announcement. Google and Samsung will be added later this quarter.
The steady stream of bullish news day after day seems to have the market gittery for the $50,000 undertaking.
PayPal back in November seemed to kick off the latest Bitcoin bull run by opening up its cryptocurrency platform to all U.S. customers. Bitcoin is up 9.83% on the week, 33.3% on the month, and 183% over the last three months since the time of the PayPal announcement.
It’s only fitting to break 50 when the banks are closed :)