Bitcoin hits record high; trades as high as $59,755 on Saturday

FILE PHOTO: A representation of virtual currency Bitcoin and U.S. One Dollar banknotes are seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic

(Reuters) - Bitcoin, the world’s biggest cryptocurrency, on Saturday reached a record high, trading up to $59,755.

Bitcoin is up more than 2% from its previous year high of $58,354.14 on Feb. 21.

Bitcoin’s price soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin.

Reporting by Ann Maria Shibu in Bengaluru; Editing by Angus MacSwan