Bitcoin's market cap crosses $1 trillion milestone for the first time

advertisement

Bitcoin's market capitalization has crossed the $1 trillion milestone for the first time after over a decade's development as it gains increasing mainstream attention.

Bitcoin's price set new record highs above $53,700 around 15:45 UTC on Friday following a 4.1% 24-hour increase. It comes just days after it surpassed $50,000 for the first time.

Data from CoinGecko shows the circulating supply of bitcoin is around 18.63 million units as of writing, which, at the current price level, are worth $1 trillion.

The price movements follow an increasing number of investments into the asset class from mainstream institutions.

Tesla said in early February that it invested $1.5 billion in bitcoin in January as part of its treasury policy and said it may accept bitcoin as a payment method for its electronic cars.

MicroStrategy, the NASDAQ-listed business intelligence software company, first made headlines in August when it disclosed that it purchased 21,454 BTC using existing cash on its balance sheet at the time.

The firm closed a $650 million debt financing in December with the proceeds to buy additional bitcoin. It just announced on Friday that it has completed another issuance of senior debts raising $1.05 billion in order to buy more bitcoin. 

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Why BTG Pactual is launching a crypto platform

Brazil-based BTG Pactual, Latin America’s biggest investment bank, is launching its own crypto asset platform that will initially support bitcoin and ether trading. The platform will be called Mynt and allow customers to purchase bitcoin and ether, BTG Pactual’s Head of Digital Assets André Portilho tells The Block. Eventually, the platform will support other digital […]
Read Full Story
Sep 24, 2021, 9:17PM UTC

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post
More