Elon Musk’s Tesla bought $1.5 billion of Bitcoin in January.
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- Bitcoin is nearing the $50,000 milestone, peaking at $49,716.44 on Sunday morning.
- After a $1.5 billion investment from Tesla was disclosed last week, Bitcoin surged 16%.
- Bitcoin was trading at $48,344.62 as of 10:30am ET on Sunday.
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Amid a renewed buzz around cryptocurrencies, Bitcoin is nearing the $50,000 milestone, a would-be record high. Bitcoin hit a high of $49,716.44 Sunday morning, according to Coindesk.
Last week, Bitcoin surged from around $37,000 to $47,000 as high-profile investors entered the fray. Bitcoin was trading at $48,344.62 as of 10:30am ET on Sunday.
Tesla bought $1.5 billion in Bitcoin in January, prompting at 16% surge after the purchase was disclosed Monday morning. A Morgan Stanley investment arm is also considering a bet on bitcoin, according to Bloomberg. And BNY Mellon, America’s oldest bank, will reportedly trade Bitcoin on behalf of clients.
And Bitcoin isn’t the only digital currency seeing a boost from crypto buzz. Tesla CEO Elon Musk said in a Tweet that he bought Dogecoin for his son, prompting a 16% surge in the “meme” token.