Bitcoin has hit a new all-time high of $47,000 in a recent Tesla-fuelled surge. The leading cryptocurrency jumped from $45,000 to $47,000 on the 8th of February after Tesla announced its Bitcoin investment.
CoinJournal noted in a report that the increase to $47,000 occurred in less than one hour, following news on the BTC investment.
Tesla revealed in a filing with the US SEC that it had bought $1.5 billion worth of Bitcoin. Tesla CEO Elon Musk has been particular about Bitcoin and Dogecoin recently. The CEO had “Bitcoin” on his Twitter bio for a while, and has repeatedly praised Dogecoin as well.
Apart from the investment, Tesla added that it would begin to accept Bitcoin as a form of payment for its products.
At press time, CoinMarketCap data showed that Bitcoin had hit $48,003.72 in the last 24 hours of trading. The data also revealed that the king coin is up 7.03% to $46,771.03.
With a market cap of over $870 billion, Bitcoin has grown by 14.63% to nearly $99 billion in trading volume. The asset has also surged 67% since 2021 began.
Cryptojournal mentioned another factor behind the rise in BTC. The report mentioned the increasing demand for the king coin among institutional investors, who view Bitcoin as a store of value as a reason for the surge.
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