Bitcoin hit a new high of $50,602 for first time

World’s largest crypto-currency Bitcoin has on Tuesday hit a new high of $50,602, and was last up 5% at $50,300.

Bitcoin has risen around 72% so far this year, with most gains coming after Tesla said it had bought $1.5 billion in bitcoin.

It also said it would accept the currency as payment.

“The recent market conditions and events both in the crypto space and the financial world at large put such a price movement within the realm of possibility,” said Jacob Skaaning of crypto hedge fund ARK36.

Earlier, Tesla had bought $1.5 billion worth of bitcoin. Its price soared to an all-time high, breaking above $43,000 apiece, after Tesla bought $1.5bn of the cryptocurrency.

The world’s largest cryptocurrency was trading 15% higher at $44,141 after Tesla’s announcement.

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