Bitcoin Rises 5% to $50,942.58

Photo: Reuters

(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., and credit card giant Mastercard Inc. backed cryptocurrencies, while those such as Tesla Inc., Square Inc., and MicroStrategy Inc. invested in bitcoin.

Ethereum, the coin linked to the Ethereum blockchain network, rose 7.18 % to $1,595.64 on Wednesday, adding $106.84 to its previous close.

Reprinted from Reuters. The copyright is reserved by the original author.