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Bitcoin Surges Past $47,000 for First Time After Tesla

Bitcoin hit a fresh record above $47,000 on Tuesday after Tesla Inc.’s announcement of a $1.5 billion investment in the largest cryptocurrency.

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The Tesla effect: Bitcoin tops $47 000 for the first time

The Tesla effect: Bitcoin tops $47 000 for the first time
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Bitcoin blows past $48,000 for first time as Tesla glow endures

Tesla Inc. has unleashed a new buying frenzy for Bitcoin on bets that more companies will be soon following the path set by billionaire Elon Musk. Bitcoin soared as much as 7.9% and climbed above $48,000 for the first time on Tuesday. The moves extend a sharp rally in the cryptocurrency, which is up almost 40% since the beginning of February. The wider Bloomberg Galaxy Crypto Index jumped to a record and Bitcoin-related stocks rallied. Tesla announced on Monday that it had bought $1.5 billion in Bitcoin with corporate cash reserves. While crypto acolytes have been saying for some time that corporate adoption is imminent, in reality it had been limited to firms such as MicroStrategy Inc. and Square Inc. Tesla getting involved brings the discussion to the big leagues.

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bitcoin: Bitcoin tops $47,000 for first time after Tesla purchase

Bitcoins ascent to its latest summit came with big swings that continue to stoke controversy about its outlook.

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Bitcoin Tops $48,000 for the First Time After Tesla s Purchase

The frenzied rally in Bitcoin lost momentum on Tuesday after prices hit a new all-time high of $48,000.

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