Bitcoin smashes through $50,000 as mainstream charge gathers pace

FILE PHOTO: Representations of virtual currency Bitcoin are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) - Bitcoin soared above $50,000 on Tuesday to an all-time high, adding steam to a rally fuelled by signs that the world's biggest cryptocurrency is gaining acceptance among mainstream investors and companies.

Bitcoin hit a record $50,602, and was last up 2.7% at $49,100. It has risen around 70% so far this year, with most of the gains coming after electric carmaker Tesla said it had bought $1.5 billion in bitcoin.