Bitcoin nears $50,000-mark as it hits a record in weekend action

Bitcoin reached a new record on Sunday, rising above $49,000 for the first time.

The world’s largest cryptocurrency reached about $49,344 earlier in the day, and was around $49,202 as of 10:20 a.m. in London. It’s now up about 70 per cent so far this year. Rival cryptocurrency Ether hit a record on Saturday and is up about 150 per ent year-to-date.

Bitcoin has been buoyed in recent months by endorsements from the likes of Paul Tudor Jones and Stan Druckenmiller. Bloomberg reported earlier that Morgan Stanley may bet on Bitcoin in its $150 billion investment arm, following news late last week