Bitcoin price smashes $44,000 as market reacts to Tesla purchased $1.5 million of the cryptocurrency

The turning point comes on the heels of a unprecedented run Bitcoin, which has doubled in price since December, and has recovered from a tumble in late January that saw it briefly fall to around $30,000.

Bitcoin price smashes $44,000 as market reacts to Tesla purchased $1.5 million of the cryptocurrency
Bitcoin price smashes $44,000 as market reacts to Tesla purchased $1.5 million of the cryptocurrency

The price of Bitcoin hit a replacement all-time high on Monday as investors reacted to news that Tesla had purchased $1.5 million of the cryptocurrency, which the car maker planned to simply accept it as payment.

Shortly after the news broke, Bitcoin crossed the $44,000 mark for the primary time. The turning point  comes on the heels of a unprecedented run Bitcoin, which has doubled in price since December, and has recovered from a tumble in late January that saw it briefly fall to around $30,000.

The Tesla news also depart a flurry of reactions on Twitter as market watchers tried to digest the implications of 1 of the world's most precious companies depending on Bitcoin—and of its charismatic CEO Elon Musk embracing the crypto industry.

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