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Bitcoin tops USD 48,000 for the first time after Tesla's purchase

Bitcoin hit a fresh record above USD 48,000 on Tuesday after Tesla Inc.’s announcement of a USD 1.5 billion investment in the largest cryptocurrency.
Elon Musk, Tesla’s chief executive officer and the world’s richest man, has for weeks been commenting about digital coins, buffeting their prices. | Photo: Aly Song/REUTERS / X01793
Elon Musk, Tesla’s chief executive officer and the world’s richest man, has for weeks been commenting about digital coins, buffeting their prices. | Photo: Aly Song/REUTERS / X01793
By Joanna Ossinger and Eric Lam / BLOOMBERG

The token rose as much as 7.9 percent to almost USD 48,216 before paring some of the gains. It was at about USD 48,000 as of 3:16 p.m. in Hong Kong. Tesla’s disclosure Monday sent the price soaring.

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