TOKYO -- The price of bitcoin breached $50,000, passing a major milestone just over a week after electric car maker Tesla revealed it had purchased $1.5 billion worth of the cryptocurrency.
Bitcoin, the world's most widely traded cryptocurrency with a market cap of $926.5 billion, hit $50,001.35 late on Tuesday night before later dipping back below the line. The virtual currency has surged over the past 11 months, recovering from a March rout that saw its price drop by 30%. The rebound has been fueled by government stimulus and institutional investors entering the market, as well as the jolt from Tesla, which pushed the price over $48,000 for the first time.
