Bitcoin hit a fresh record above $47,000 on Tuesday after Elon Musk's Tesla announced a $1.5 billion investment in the largest cryptocurrency. Bitcoin rose as much as 6.3% to almost $47,493 in Asian trading. Tesla’s announcement on 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. Tesla’s investment though is also a testament to its CEO Elon Musk’s support to cryptocurrencies including bitcoin.

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