Benzinga | Feb 14, 2021 08:38AM EST

Bitcoin Price Nears $50,000 Following Week Of Good News

The price of the leading cryptocurrency has broken another record -- surpassing the $49,000 level.

What Happened: Bitcoin (BTC) has gained 5.69% over the last 20 hours, reaching a record $49,527 at the time of writing.

The current market capitalization is at about $917 billion, which is bigger than the market cap of JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp (NYSE:BAC), and Citigroup Inc (NYSE:C) combined.

Why It Matters: This week has been rich with Bitcoin news.

On Feb. 8, Tesla Inc. (NASDAQ:TSLA) announced it had invested $1.5 billion in Bitcoin and was getting ready to accept the currency as payment.

On Feb. 10, Twitter Inc (NYSE:TWTR) CFO Ned Segal, in an interview with CNBC, said the social media platform would consider adding BTC to its balance sheet if employees and vendors asked to be paid in the cryptocurrency.

The next day Uber Technologies Inc (NYSE:UBER) CEO Dara Khosrowshahi, also in an interview with CNBC, said that adding "cryptocurrencies and or Bitcoin" would be "good for business." But Khosrowshahi also said Uber would not be adding crypto to its holdings for the time being because the company is "not in the speculation business."

Yesterday, Bloomberg reported that Morgan Stanley (NYSE: MS) is considering investing in Bitcoin through its $150 billion investment arm Counterpoint Global.

Image source: Unsplash.