Cryptocurrencies extend gains in Asia; Bitcoin, Ethereum reach record highs

This came in the wake of Elon Musk’s Tesla Inc investment in Bitcoin. (Photo for representation: Reuters)

After Bitcoin recorded a more than 10 per cent surge to a record high of $43,625 after Tesla Inc’s disclosure, cryptocurrencies extended gains in Asia on Tuesday.

This came with Bitcoin and Ethereum reached record highs, in the wake of the Tesla Inc investment in Bitcoin. SpaceX CEO Elon Musk’s electric vehicle company Tesla Inc had purchased $1.5 billion of Bitcoin, and said it would soon accept it as a form of payment.

Bitcoin posted its largest daily percentage gain in more than three years overnight, after Tesla made the announcement in its 2020 annual report.

Bitcoin added as much as 2.5 per cent to hit a record high of $47,565.86 on Tuesday and has gained 61 per cent for the year so far. Ethereum has hit a record of $1,784.

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