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.

Feb 11, 2021 at 1:49 p.m. UTC
Updated Sep 14, 2021 at 12:10 p.m. UTC

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.

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.


Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Sequoia's Guide to Surviving the 2022 Bear Market

Venture capitalists have gotten increasingly frantic over the last few months.

Venture capitalists have gotten increasingly frantic over the last few months.

CoinDesk - Unknown
2
CoinDesk - Unknown
NFT Art Museums Are a Good Idea

The metaverse turns galleries global, and helps fund the arts. This article is part of “Metaverse Week."

The metaverse turns galleries global, and helps fund the arts. This article is part of “Metaverse Week."

CoinDesk - Unknown
3
CoinDesk - Unknown
How the US Can Establish Itself as a Crypto Leader

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

CoinDesk - Unknown
4
CoinDesk - Unknown
No, the UK Is Not Going to Make USDC and USDT Legal Tender

For “legalize” read “regulate.”

For “legalize” read “regulate.”

CoinDesk - Unknown