Bitcoin pulls back after hitting fresh record near $50,000 – Mint

Bitcoin pulls back after hitting fresh record near $50,000 – Mint

NEW DELHI: In a first, Bitcoin prices came close to hitting the $50,000 level over the weekend, as Canada on Friday became the first country in the world to clear the launch of a bitcoin exchange-traded fund (ETF). The world’s biggest cryptocurrency had hit an all-time high of $49,716.44 on Sunday.

The digital asset pared some of the gains and traded at $47,500, down 2.61%, at around 0230pm on Monday, as per data available with crypto exchange WazirX.

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Other major cryptocurrencies such as ethereum, tether, and ether, however, traded in the red.

On Friday, Reuters reported that the Ontario Securities Commission has approved the launch of Purpose Bitcoin ETF by Toronto-based asset management company Purpose Investments Inc.

There were a lot of major developments in the bitcoin space last week, from Tesla disclosing holding in the cryptocurrency to major financial institutions such as Mastercard, BNY Mellon and Deutsche Bank revealing their crypto plans. Driven by interest from some of the major companies, prices of bitcoin have surged more than 60% since the start of the year.

“Last week we saw not just companies such as Tesla and MasterCard, but governments acknowledging bitcoin as a digital asset much like gold. Canada approved the first bitcoin ETF. The US city of Miami is considering a city bitcoin treasury. The trend is clear;