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Bitcoin Hits New All-Time High as BNY Mellon Announces Crypto Custody

  • Posted On - 2021-02-12 07:08:08

Bitcoin set a new record on Thursday after BNY Mellon, the oldest USA bank, announced crypto custody for institutional clients.

The cryptocurrency set another all-time-high of $48,297 during the U.S. trading hours, surpassing the recent peak of $48,226 recorded on Tuesday this week, according to CoinDesk 20 data.

Buyers stepped in the market around $46,700 right after BNY Mellon announced it will hold, transfer and issue bitcoin and other cryptocurrencies on behalf of its asset-management clients.

“Bitcoin is loving the BNY Mellon news. It’s a very big deal,” crypto-trader and analyst Alex Kruger tweeted.

The wave of institutional adoption of cryptocurrency has hit the bitcoin market this week, pushing prices up by 22%.

On this last Monday, the U.S. electric automaker Tesla (TSLA) , a Fortune 500 company, announced bitcoin purchases worth $1.5 billion, bolstering the cryptocurrency’s appeal as a reserve asset. And then after,  Payments giant Mastercard (MA) announced early Thursday it is planning to allow merchants to accept crypto payments