Tesla, led by Elon Musk, confirmed that it bought about $ 1.5 billion in bitcoins in January and expects to start accepting it as payment in the future.
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The price of Bitcoin hit a new record high of nearly $ 50,000 on Sunday as major Fortune 500 companies showed support for digital currencies.
The world’s largest cryptocurrency by market value rose more than 5% to an all-time high of $ 49,716 on Sunday afternoon, according to data from industry website CoinDesk.
Digital assets reversed the course on Monday and fell 2.4% in the last 24 hours to a price of about $ 47,925.
It was believed that the rise in Valentine’s Day was driven by news from big companies like Tesla, Mastercard and BNY Mellon heating up in cryptocurrencies.