Bitcoin surpassess $60,000 mark for first time

Bitcoin

Bitcoin surpassed a record high of $60,000 on Saturday.

Due to broader adoption in the traditional finance world and as a form of payment, bitcoin soared and broadly outperformed conventional asset classes this year.

In recent weeks, companies have taken advantage of bitcoin’s strength to raise hundreds of millions of dollars in funding, capitalizing on improved market sentiment.

Tesla Inc has purchased a $1.5 billion bitcoin bet last month and plans to accept the digital coin as payment for its products. MicroStrategy Inc also announced the purchase of $1 billion worth of additional bitcoin. 

Last month, U.S. biggest cryptocurrency exchange, Coinbase filed IPO papers for a Nasdaq listing. Regulatory approval would represent a landmark victory for cryptocurrency advocates seeking mainstream endorsement.

The COO of Goldman Sachs said that as client demand for bitcoin is rising, they are evaluating how to serve those clients while remaining regulated. Goldman Sachs recently relaunched its cryptocurrency trading desk and this month it started dealing bitcoin futures and non-deliverable forwards.

Damon Harrison
Market Analyst, IPG Group