Bitcoin hits $1Trillion. Bitcoin hits $1 trillion in market value as the cryptocurrency surge continues. The price of bitcoin crossed another major milestone on Friday, Jan 19, as the cryptocurrency’s market value surpassed $1 trillion, according to Coindesk. Bitcoin hits $1Trillion bitcoin cryptocurrency crypto in crypto news bitcoin news. Bitcoin news today BTC news cryptocurrency news bitcoin news 2021 bitcoin news today 2021 news today USA. Crypto news today bitcoin news now btc price cryptocurrency news channel bitcoin cash technical analysis. Crypto news now crypto news alerts bitcoin explained bitcoin mining. Bitcoin cash bitcoin mining explained bitcoin crash bitcoin today bitcoin vs ethereum ethereum us what is Bitcoin Bitboy.

The digital currency was trading at just under $54,000 per coin Friday as it hit the new level, and rose above $56,000 later in the session, according to Coin Metrics. The price of bitcoin has now gained about 350% over the past six months. Before the recent surge, the digital asset has never traded above $20,000.

The move has been fueled in part by the increased adoption of bitcoin by major investors and companies. The oldest bank in the United States, the Bank of New York Mellon, announced earlier this month that it was moving into the space of Cryptocurrency. Elon Musk’s Tesla converted some of its balance sheet cash into bitcoin earlier this year and said it would start accepting the digital tokens as payment.

That news has sparked speculation that other big companies may soon add bitcoin or other cryptocurrencies to their balance sheets since bitcoin is generating a significantly higher return than bonds and cash.

Corporate America is validating bitcoin. Payments giants Square (SQ) and PayPal (PYPL)let their users buy and sell it. Credit card processing behemoths Visa (V) and Mastercard (MA) are also embracing cryptocurrencies.

And a top strategist at BlackRock (BLK), the world's largest asset manager, said on CNBC this week that the company has "started to dabble" in bitcoin as an investment.

Deutsche Bank research strategist Jim Reid said in his note that Bitcoin has started to get so big that it arguably creates its own demand as companies and institutions begin to make forays into a field they wouldn’t have touched a few months previously, Ironically it is turning itself into a credible asset class to many by rallying so much of late and also by getting increasing institutional buy-in.”

Market value is calculated by multiplying the price of bitcoin by the number created. While not a perfect comparison, the $1 trillion market value would make bitcoin’s value greater than all but a handful of the world’s stocks. Tesla, for instance, has a market cap of around $700 billion, while Apple is valued at more than $2 trillion.

All this has helped spark a wave of buying by average investors. Consumer research firm Piplsay wrote in a report Thursday that, half of the more than 30,000 consumers it surveyed this week about bitcoin said, they felt it was safe to invest in cryptocurrencies.

Bitcoin prices have surged more than 80% so far this year, and investors are enthusiastically scooping up other cryptocurrencies as well.
Ethereum, the world's second-largest cryptocurrency with a total value of about $220 billion, has more than doubled this year.

And the price of dogecoin, a currency that originally started as a dog meme-based joke, also has skyrocketed this year following several bullish tweets about it by Musk and support from traders on Reddit.

To be sure, not everyone on Wall Street has been convinced of bitcoin’s future prospects. Citadel Securities founder Ken Griffin said Friday that he was not interested in cryptocurrency, while researchers at JPMorgan have said bitcoin’s rally is unsustainable.
























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