Bitcoin’s New Record With Tesla’s Investment, Price Close to 50 Thousand Dollars

The value of Bitcoin has reached close to 50,000 dollars. On Monday, Bitcoin’s price rise came to a halt as it approached its all-time high. 

On Sunday, Bitcoin hit an all-time high of 49 thousand 717 dollars 66 cents. But in Asian trading hours, Bitcoin fell 5.6 percent to 45 thousand 914 dollars.

Bitcoin rival cryptocurrency Etherium, meanwhile, was up 8 percent. Electric car maker Tesla Corporation has decided to invest $1.5 billion in Bitcoin and accept it as payment.

At the same time, Bitcoin is gaining widespread legitimacy. Bitcoin has gained 20 percent this week. 

In one year, it has increased by 60 percent. Its price fell sharply last March.

Chris Weston, the chief researcher at Melbourne Brokerage Paperstone, says its value continues to rise as big players in the financial sector make net investments. 

In addition to Tesla, Bank of NY Mellon last week announced it would set up a new unit to help its clients buy and trade digital capital.