Bitcoin crosses $60000 mark for first time on US stimulus package

Bitcoin crosses $60000 mark for first time on US stimulus package

Bitcoin crosses $60,000 mark for first time on US stimulus package

22 minutes ago

A visual representation of the digital crypto-currency Bitcoin.

Bitcoin passed the $60,000 mark for the first time on Saturday, with analysts saying the giant US stimulus package helped boost the world's most popular virtual currency on its record-breaking run.

The cryptocurrency hit $60,197 at 1234 GMT and continued to hover around $60,000, according to the website CoinMarketCap.

Bitcoin has tripled in value over the last three months -- it was worth $20,000 in December -- bolstered by increasing backing from corporate heavyweights.

Markets.com analyst Neil Wilson said that in recent days 'Bitcoin went up as investors looked to the imminent arrival of stimulus cheques'.

Individuals in the US earning up to $75,000 will receive a cheque for $1,400 from this weekend, after President Joe Biden signed his $1.9 trillion Covid-19 rescue plan into law this week.

Bitcoin has been on a meteoric rise since March last year, when it stood at $5,000, spurred by online payments giant PayPal saying it would allow account holders to use cryptocurrency.

Last month Elon Musk's electric carmaker Tesla invested $1.5 billion in the virtual unit, while Twitter chief Jack Dorsey and rap mogul Jay-Z said they are creating a