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Bitcoin hits a record high of nearly $50,000 as major firms flock to crypto

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.

Artur Widak | NurPhoto | Getty Images

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.

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This article is auto-generated by Algorithm Source: www.cnbc.com

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