Bitcoin hits a record high of nearly $ 50,000 as large companies switch to crypto

Tesla, led by Elon Musk, confirmed it bought around $ 1.5 billion worth of bitcoin in January and expects it to be accepted as payment in the future.

Artur Widak | NurPhoto | Getty Images

Bitcoin’s price hit a new record high of nearly $ 50,000 on Sunday as major Fortune 500 companies showed support for digital currencies.

The world’s largest cryptocurrency by market value rose more than 5% on Sunday afternoon to an all-time high of $ 49,716, according to industry website CoinDesk.

The price of digital assets reversed on Monday, falling 2.4% in the past 24 hours to a price of around $ 47,925.

The Valentine’s Day surge was believed to have been driven by news about big companies like Tesla, Mastercard, and BNY Mellon warming up on cryptocurrencies.

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