Bitcoin set a new record on Thursday after BNY Mellon, America’s oldest bank, announced custody encryption for institutional customers.
The cryptocurrency set a new high of $ 48,297 during the US session, beating the previous peak price of $ 48,226 recorded on Tuesday, according to data from CoinDesk 20.
Buyers earned about $ 46,700 after BNY Mellon said it will hold, transfer and issue bitcoin and other cryptocurrencies on behalf of its asset management clients.
“Bitcoin is loving the news from BNY Mellon. It’s a big deal, ”trader and analyst Alex Kruger tweeted.
A wave of institutional adoption hit the bitcoin market this week, raising prices by 22%.
On Monday, American electric car maker Tesla, a Fortune 500 company, announced $ 1.5 billion bitcoin purchases, reinforcing the cryptocurrency’s appeal as a reserve asset. Payment giant Mastercard said on Thursday that it is planning to allow merchants to accept cryptographic payments.