Bitcoin hit a fresh record Tuesday, surging above $48,000 for the first time following Tesla’s (TSLA) – Get Report disclosure that it has made a $1.5 billion investment in the world’s largest cryptocurrency.
Bitcoin traded as high as $48,226, according to CoinDesk, before paring gains. At last check it was at $46,298, up 6.5%. Other cryptocurrencies were also trading higher; Ethererum was up 2.23% at $1,741.90, while XRP was up 3.,12% at 46 cents.
In a regulatory filing on Monday, Tesla said it would begin accepting bitcoin as a form of payment for its electric cars – a move widely seen as an endorsement of the cryptocurrency by a mainstream company and a step toward corporate adoption.