Bitcoin inches closer to $50,000 mark after $1.5 billion investment by Tesla

Bitcoin briefly pushed to a record-high of $48,215.83 after winning a huge boost Monday from news that Elon Musk's electric carmaker Tesla had invested $1.5 billion in the cryptocurrency.

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Bitcoin moved closer to $50,000 for the first time on Tuesday, while the dollar declined as equity traders monitored anticipated US fiscal stimulus and Covid-19 vaccine developments.Asia’s main stock indices closed stronger, with Tokyo hitting a 30-year high, while the Dow Jones index edged down from an all-time high following a mixed session in Europe.

Bitcoin briefly pushed to a record-high of $48,215.83 after winning a huge boost Monday from news that Elon Musk’s electric carmaker Tesla had invested $1.5 billion in the cryptocurrency. It later eased back to a level near $47,335.Investors remained optimistic about additional government spending and Presiden

Joe Biden met with the CEOs of JPMorgan Chase, Walmart and other companies to build support for his $1.9 trillion rescue plan.Besides stimulus expectations, the market also has been boosted by progress on coronavirus vaccines that have raised hopes for earnings growth in 2021 and beyond.

 

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