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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 co...

Bitcoin's volatile week rattles faith in crypto resurgence Olivia Raimonde, Bloomberg News VIDEO SIGN OUT The sharp selloff in Bitcoin this week is stoking fresh questions about the sustainability of the cryptocurrency boom. Prices for the digital asset have tumbled about 12 per cent this week, marking the steepest decline since September. Bitcoin was higher on Friday, pushed back above US$32,000 after a series of wild swings the past two days. Commentators have cautioned that a sustained drop below US$30,000 could presage further losses. “Being Bitcoin, a 10 per cent range intra...

Bitcoin Slides 26 Percent in Biggest Plunge Since March, Shakes Faith in Cryptocurrency Boom Bitcoin has more than quadrupled in the past year. By Eric Lam and Olivia Raimonde, Bloomberg | Updated: 12 January 2021 12:31 IST Bitcoin has wiped out about $185 billion (roughly Rs. 1,360 crores) in value since Friday Highlights The asset is drawing the attention of regulators The FCA’s concerns include price volatility A steep selloff in Bitcoin is fueling concern that the cryptocurrency bubble may be about to burst. Bitcoin slid as much as 26 percent over Sunda...

A steep selloff in Bitcoin is fueling concern that the cryptocurrency bubble may be about to burst.

Bitcoin plunged as much as 21 percent over Sunday and Monday – its biggest two-day slide since March.