The largest cryptocurrency, bitcoin, surged to a record above $43,000 on Monday on the news that Tesla invested $1.5 billion in the digital asset and expects to start accepting the cryptocurrency as payment.
The crypto was trading more than eight percent higher, at $42,581 as of 13:00 GMT, after briefly surpassing $40,000 on Saturday. It is now up 15 percent compared to seven days ago and has closed in on an all-time high reached in early January.
“There will be pullbacks, maybe even to retest the top of the flag as support,” popular crypto trader Scott Melker said on Twitter, adding: “But technically this is a confirmed breakout that should take $BTC to 63K eventually. Disclaimer – patterns rarely reach their targets, but the rules are the rules.”
Bitcoin enthusiasts point to the digital asset as a hedge against inflation and store of value as concerns are rising that US President Joe Biden’s $1.9 trillion virus relief package may risk overheating the economy.
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