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BITCOIN KEEPS HITTING NEW HIGHS AFTER TESLA BACKING

Bitcoin hits another peak rising above $58,000 as it retains its strong momentum this year. The cryptocurrency has escalated more than 90% ever since the start of January, making its total market value above $1tn.

The latest spike has been powered by Tesla and other big firms accepting it as payment. However, Bitcoin has a record of wild price swings and has fallen severely a number of times since it was produced in 2009.

Bitcoin kicked off the year at approximately $28,900, as per figures from cryptocurrency news site CoinDesk. When it broke through the $40,000 mark in early January, it activated a downward trend that saw it drop to around $30,000 by the end of the month.

Nevertheless, having passed $50,000 on 16 February, it has sustained its upward momentum breaking through $58,000 on Sunday.

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