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Bitcoin’s Tesla-Driven Rally Fizzles After Prices Hit $48,000

Analysts say wider corporate adoption of Bitcoin is imminent
There’s little evidence of crypto being used for payments

Video player cover image — WATCH: Wedbush’s Dan Ives breaks down Tesla’s $1.5 billion investment in bitcoin.Source: Bloomberg

By

Joanna Ossinger and

February 9, 2021, 1:24 AM UTCUpdated onFebruary 9, 2021, 1:38 PM UTC

The frenzied rally in Bitcoin lost momentum on Tuesday after prices hit a new all-time high of $48,000.

The cryptocurrency pulled back in the early U.S. hours, trading up 2.9% on the day around $46,000. Prices are still up more than 30% since the beginning of February.