Bitcoin set a new record highs on Thursday after BNY Mellon, America’s oldest bank, announced crypto custody for institutional clients.
The cryptocurrency set a new high of $48,297 during the U.S. trading hours, surpassing the previous peak price of $48,226 registered on Tuesday, according to CoinDesk 20 data.
“Bitcoin is loving the BNY Mellon news. It’s a very big deal,” trader and analyst Alex Kruger tweeted.
A wave of institutional adoption has hit the bitcoin market this week, pushing prices higher by 22%.
On Monday, the U.S. electric car maker Tesla, a Fortune 500 company, announced bitcoin purchases worth $1.5 billion, bolstering the cryptocurrency’s appeal as a reserve asset. Payments giant Mastercard said early Thursday that it is planning to allow merchants to accept crypto payments.