Bitcoin rises 5% to $50,942.58

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Bitcoin rises to 5% to $50,942.58 on Wednesday. This adds $2,426.23 to its previous close. Bitcoin, the world’s best-known and biggest 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, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin.

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