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Bitcoin Hits New All-Time High as BNY Mellon Announces Crypto Custody
"Bitcoin is loving the BNY Mellon news. It's a very big deal," trader and analyst Alex Kruger tweeted.
Bitcoin set a new record highs on Thursday after BNY Mellon, America's oldest bank, announced crypto custody for institutional clients.
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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.
Buyers stepped in around $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 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 (TSLA) , a Fortune 500 company, announced bitcoin purchases worth $1.5 billion, bolstering the cryptocurrency's appeal as a reserve asset. Payments giant Mastercard (MA) said early Thursday it is planning to allow merchants to accept crypto payments.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
