Bitcoin (BTC/USD) hit a new high on Wednesday at $52,640. The cryptocurrency experienced a sell-off near its all-time high, causing its price to fall below $52,000. However, the intraday decline had little impact on Bitcoin's long-term bullish trend based on investment proposals of institutions.
It all started with the fact that Tesla announced the purchase of bitcoins for $1.5 bln. The company revealed its plans to accept cryptocurrency as payment for its electric vehicles. Twitter and Uber's plans to invest in Bitcoin have become a tailwind for BTC/USD and the trading pair has surged. In addition, credit card giant Mastercard and the first US bank, Bank of New York Mellon, announced that they will expand their traditional financial platforms to include crypto services.
MicroStrategy announced that it would raise $600 mln by selling bonds and using the proceeds to buy bitcoins. The Nasdaq-listed company already owns more than 71,000 BTC worth $3.63 bln at current exchange rates. At the time of this writing, the price of bitcoin was $51,243.