Bitcoin Hits New Record High toward $50,000

Bitcoin set on Sunday a new record of $ 50,000, as Wall Street increasingly embraces the world's largest digital currency.

The value of the cryptocurrency has risen nearly 70%, year-on-year. It traded as high as $49,714 earlier in trading to settle at $48,700, up more than 3%. 

As big financial firms started to embrace digital currencies, Bitcoin and other virtual currencies appear to be increasingly entering the mainstream payment tool.

Recently, Tesla revealed to Elon Musk that it had purchased $1.5 billion worth of cryptocurrency and would soon accept it as a means of payment for its cars. Also, Investment Banking Co. BNY Mellon said last week that it has set up a new unit to help customers retain, transfer digital assets.

On Friday, the Canadian OSC confirmed that it has authorized the launch of the world's first traded Bitcoin fund, and in January, BlackRock Inc, the world's largest asset manager, added bitcoin as a qualifying investment to funds.

Meantime, MasterCard's support for some cryptocurrencies have also boosted Bitcoin's ambitions for mainstream financing, although many banks remain reluctant to do business with it, namely the IMF and the World Bank.