Bitcoin set a new record Thursday after BNY Mellon, America’s oldest bank, announced crypto custody for institutional clients.
The cryptocurrency hit a new high of $ 48,297 during US trading hours, surpassing the previous peak price of $ 48,226 recorded on Tuesday, according to CoinDesk 20 data.
Buyers stepped in about $ 46,700 after BNY Mellon said it will hold, transfer and issue bitcoin and other cryptocurrencies on behalf of its wealth management clients.
Bitcoin loves the news from BNY Mellon. It’s a very big problem, ”trader and analyst Alex Kruger tweeted.
A wave of institutional adoption has hit the bitcoin market this week, pushing prices up 22%.
On Monday, US electric car manufacturer Tesla, a Fortune 500 company, announced bitcoin purchases worth $ 1.5 billion, bolstering the cryptocurrency’s appeal as a reserve. Payment giant Mastercard said early Thursday that it plans to enable merchants to accept crypto payments.