Bitcoin rallies just short of $50,000 as more firms take to crypto

Bitcoin is up about 20 per cent in the week since Elon Musk’s Tesla announced it had invested $1.5bn in the cryptocurrency

Bitcoin rose to its highest level on record coming just short of the $50,000 (£35,965, €41,232) mark, as several Fortune 500 companies came out in support of digital currencies.

Bitcoin fell as much as 5.6 per cent to $45,914 in Asian trading hours, after having posting a record high of $49,714.66 on Sunday. 

Ethereum fell more than eight per cent. It last sat at $1,740, about seven per cent below last week’s record high of $1,879.

Big investors and large companies have started to take the digital asset seriously and are buying a lot of it.

Bitcoin is up about 20 per cent in the week since Elon Musk’s Tesla announced it had invested $1.5bn in cryptocurrency and would accept the currency as payment for Tesla products. 

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Similarly, Mastercard said last week that it would support certain cryptocurrencies later this year, while BNY Mellon also announced it would open up its custody services to digital assets.

Bitcoin has gained more than 60 per cent for the year to date and more than 1,100 per cent since last March.

FURTHER READING: Tesla buys Bitcoin worth $1.5bn and plans to accept crypto payments

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