Bitcoin has surpassed the mark of $50,000 on Feb. 16 (12.30 PM UTC) for the first time reaching its new all-time-high $50,341 amid bullish news, institutional adoption, and major corporates like MicroStrategy adding to their Bitcoin allocations having crowded out excess bullish leverage in the derivatives market with a swift price drop on Monday.
Prices had fallen on Monday by $3,000 to below $45,926 during the early Asian trading hours, triggering nearly $392 million worth of long liquidations in the derivative market.
Data from Cointelegraph Markets and TradingView showed BTC/USD climbing over 5% in hours on Today (16 Feb ‘21 ) days after BNY Mellon confirmed that it would store crypto for asset management clients and rumors also swirled around Morgan Stanley.
The move put Bitcoin on course to hit the psychologically significant $50,000 mark after several days of sideways movement as a tussle between whales emerged.
Bulls had taken control of BTC after Tesla's $1.5 billion BTC buy-in which it revealed on 8 Feb.
First time on Monday the overall crypto market broke $1.5 trillion.