Monday sent the price soaring.The company also said it would begin accepting the digital token as a form of payment for its electric cars. The developments amounted to the biggest endorsement of the controversial cryptocurrency by a mainstream firm. Elon Musk, Tesla’s founder and the world’s richest man, has for months been commenting about Bitcoin, buffeting its price.
Tesla’s decision may be “a catalyst for other companies to go that route,” said Julius de Kempenaer, senior technical analyst at StockCharts.com, adding a new bull run is underway in the token. A rally was also evident in Bitcoin futures, suggesting shorts are throwing in the towel and signaling traders won’t fight the crypto advance. The wider Bloomberg Galaxy Crypto Index, which includes Bitcoin, Ether and three other tokens, jumped to a record.
Japanese and South Korean cryptocurrency-exposed stocks rose, tracking a rally in their U.S. and European peers. Bitcoin’s journey to its latest summit came with big swings that continue to stoke controversy about its outlook. Predictions for its possible long-term price range from