Bitcoin prices surged to a record high after Tesla announced its investment of $1.5 billion in the crypto asset. Bitcoin’s price rose by 14%, reaching an all-time high of above $44,000. Meanwhile, Tesla (TSLA) shares jumped by 2%. On Tuesday, Bitcoin’s price reached $48,216.

Tesla’s decision to accept bitcoin as a form of payment has also boosted crypto assets’ demand. “A combination of traders in Asia just waking up to the Tesla news combined with a lack of resistance levels above $45,000 were possible causes for the sudden gap upwards,” reported coindesk.com. “Tesla joins publicly traded companies including Michael Saylor’s MicroStrategy that have steered corporate money into bitcoin (BTC, +19.51%).”

On Monday Tesla disclosed that the company invested $1.5 billion in bitcoin which is 10 percent of Tesla’s cash reserves. “This is the largest corporate purchase of bitcoin ever,” reported Yahoo Finance.

The story was filed by the News Desk.
The Desk can be reached at info@thecorrespondent.com.pk.

The story was filed by the News Desk. The Desk can be reached at info@thecorrespondent.com.pk.

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