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Bitcoin hit a new high on Thursday after BNY Mellon, America’s oldest bank, announced crypto custody for institutional clients.
The cryptocurrency hit a new high of $ 48,297 during trading hours in the United States, beating the previous peak price of $ 48,226 recorded on Tuesday, according to data from CoinDesk 20.
The buyers came in around $ 46,700 after BNY Mellon announced that it would hold, transfer and issue bitcoin and other cryptocurrencies on behalf of its asset management clients.
“Bitcoin loves the news from BNY Mellon. It’s a very big deal ”, trader and analyst Alex Kruger tweeted.
A wave of institutional adoption hit the bitcoin market this week, pushing prices up 22%.
US electric car maker Tesla, a Fortune 500 company, announced $ 1.5 billion worth of bitcoin purchases on Monday, boosting the appeal of cryptocurrency as a reserve asset . Payments giant Mastercard said Thursday morning that it plans to allow merchants to accept crypto payments.
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