Tesla, led by Elon Musk, confirmed that it purchased about $ 1.5 billion in bitcoin in January and expects to start accepting it as a payment in the future.
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Bitcoin’s price reached a new record high of almost $50,000 on Sunday, as major Fortune 500 companies showed support for digital currencies.
The world’s largest cryptocurrency by market value surged more than 5% to an all-time high of $49,716 Sunday afternoon, according to data from industry website CoinDesk.
The digital asset reversed course Monday, sinking 2.4% in the last 24 hours to a price of around $47,925.
The Valentine’s Day surge was thought to have been driven by news of large firms like Tesla, Mastercard and BNY Mellon warming to cryptocurrencies.
The cryptocurrency has since reversed course, sinking 2.4% in the last 24 hours to a price of around $47,925.