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Cryptocurrency

Bitcoin Bounces to $46,000 as Tesla Gains Big From Crypto Investment

Bitcoin Bounces to $46,000 as Tesla Gains Big From Crypto Investment

  • Flagship cryptocurrency Bitcoin rose to $46,000 on Monday, its highest point since reaching $49,700 on May 16
  • After hovering between 30k and 40k for weeks, the world’s number one crypto asset is on a bullish move and its taking other cryptocurrencies along
  • Meanwhile, Tesla owns 42,000 units of the flagship cryptocurrency at an average price of $31,700, putting its gains around $600 million

Flagship cryptocurrency Bitcoin gained more than 5% in the last 24 hours moving the value of the coin to $46,000.

The cryptocurrency is currently trading at its highest point since May 16 when it was at $49,700.

BTC is finally breaking out having ranged between $30,000 and $40,000 for weeks.

Read also: Hip Hop Star Megan Thee Stallion Shows Support for Bitcoin With Sexy Video

BTC’s latest rally means that companies who invested in the cryptocurrency early in the year are back in major profits.

An example is Elon Musk’s Tesla Inc which owns 42,000 units of Bitcoin at an average price of $31,700.

Tesla

The current bullish movement means that the company is in a profit of about $600 million.

Meanwhile, other cryptocurrencies are also on the rise. The second-largest cryptocurrency Ethereum is currently above $3,000, a level that hasn’t been reached since May.

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