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Bitcoin (BTC) price hits record high of $62,850

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Bitcoin hit a record high of $62,850 on Tuesday, extending its 2021 rally to new heights. The world’s largest cryptocurrency by market cap has more than doubled in price this year amid growing mainstream acceptance as an investment and a payment method, and as investors who seek high-yielding assets amid low-interest rates.
Major firms and companies like BNY Mellon, Mastercard Inc, and Tesla Inc are among those to have embraced or invested in cryptocurrencies.
Calls for a higher bitcoin price comes from those experts who believe the cryptocurrency would become a global safe-haven asset against inflation. Rising consumer prices are one of the biggest fears investors have after the pandemic. If the inflation runs higher than anticipated, it could tarnish asset values, limit buying power, and sap corporate margins.
Some project it as a hedge against rising inflation, citing its 21 million supply capitalization as a viable tool against the Federal Reserve’s relentless quantitative easing policy. Later on Tuesday, the March Consumer Price Inflation data expect to report a 0.2 percent spike in core inflation, according to economists surveyed by Dow Jones.
Meanwhile, the March headline inflation expects to hit 2.5 percent, up from 1.7 percent in February. It was 2.5 percent last in January 2020.
John Authers, senior editor for markets at Bloomberg, cited BCA Research’s Dhaval Joshi comments on Bitcoin in his recent opinion editorial.
Mr. Joshi stressed that the Bitcoin price has increased in the previous 12 months due to its anti-fiat features. It is popular because of its “libertarian anti-government ideas” and its simpler-to-procure talents — the latter has made bitcoin a viable competitor to golden metal, another hedging asset but with poor performance on record against growing inflation fears.
At least Wall Street is taking notice. The past few months have witnessed the arrival of new investors in the form of Tesla, MicroStrategy, Square, and other corporates. They have also seen investment giants such as Goldman Sachs and Morgan Stanley announcing new bitcoin-enabled investment products for their wealthy clients.
Meanwhile, PayPal has informed its support for cryptocurrencies via its legacy platforms. Bank of New York Mellon will also launch a bitcoin-based custodianship service later this year. Payment processing services Mastercard and Visa are also experimenting with cryptocurrencies, with the latter having performed a stablecoin transaction atop its existing money transmission layer.
Technically, the bitcoin price has not confirmed a bullish breakout move yet. The cryptocurrency continues to trade inside a bullish continuation pattern, nonetheless, instilling hopes that it would increase by another $20,000 in the coming session.

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