- Bitcoin is nearing the $50,000 milestone, peaking at $49,716.44 on Sunday morning.
- After a $1.5 billion investment from Tesla was disclosed last week, Bitcoin surged 16%.
- Bitcoin was trading at $48,344.62 as of 10:30am ET on Sunday.
- Visit the Business section of Insider for more stories.
Amid a renewed buzz around cryptocurrencies, Bitcoin is nearing the $50,000 milestone, a would-be record high. Bitcoin hit a high of $49,716.44 Sunday morning, according to Coindesk.
Last week, Bitcoin surged from around $37,000 to $47,000 as high-profile investors entered the fray. Bitcoin was trading at $48,344.62 as of 10:30am ET on Sunday.
Tesla bought $1.5 billion in Bitcoin in January, prompting at 16% surge after the purchase was disclosed Monday morning. A Morgan Stanley investment arm is also considering a bet on bitcoin, according to Bloomberg. And BNY Mellon, America’s oldest bank, will reportedly trade Bitcoin on behalf of clients.
Companies like Mastercard, PayPal, Square, and Visa, too, are enabling cryptocurrency transactions on their platforms.
And Bitcoin isn’t the only digital currency seeing a boost from crypto buzz. Tesla CEO Elon Musk said in a Tweet that he bought Dogecoin for his son, prompting a 16% surge in the “meme” token.
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