Bitcoin holds Tesla bounce as Mastercard, Twitter weigh in

Bitcoin is largely hanging onto gains from its run to a record above $48,000 thanks to the endorsement of Elon Musk and Tesla Inc.’s $1.5 billion investment.

The largest digital currency was holding at about $44,766 as of 1:25 p.m. in Hong Kong. Bitcoin has jumped as much as 18% this week, breaking through the prior top of almost $42,000. The wider Bloomberg Galaxy Crypto Index also touched a record recently.

Interest in cryptocurrencies has accelerated yet again as Musk, the world’s richest person, emerged as a central figure for the crypto faithful, supporting arguments among proponents that Wall Street and the mainstream are becoming more receptive to the asset class. Detractors maintain speculators are behind Bitcoin’s rise and the bubble will once again burst.