Bitcoin within a whisker of $50,000

02/16/2021 | 06:02am
Elon Musk

Bitcoin stalled just short of the $50,000 mark on Tuesday (February 16).

Investors took profit from the record-breaking rally driven by a shift in attitudes towards digital assets.

The dip, for now, taps the brakes on a surge that has vaulted the cryptocurrency from the fringes of finance to Wall Street.

Though OANDA Senior Market Analyst Craig Erlam says Bitcoin is still in "extremely early stages":

"Not every company is Tesla. Not every CEO is Elon Musk. But that doesn't mean they're not going to be adding their names to the list of those preparing for possibility where Bitcoin becomes part of the future. I'm sure it's going to be a wild ride. That's the one thing you can say for certain,"

Big investors and large companies have begun to take the digital asset seriously though.

And buying up a lot of it.

Bitcoin is up about 20% since electric carmaker Tesla announced it had $1.5 billion in bitcoin and would be accepting the currency as payment for its vehicles.

The biggest digital currency has gained more than 1,100% since last March.

Lunar New Year holidays in Hong Kong and China have kept a lid on moves in Asia so far this week.

Meanwhile, a tweet from Tesla boss and crypto advocate Elon Musk appeared to weigh on the price of dogecoin, which he had previously promoted.

Dogecoin is a dog-themed currency created as a joke.

It's been volatile in recent weeks owing to a number of Musk tweets referring to it.

© Reuters 2021
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