The BTC price soared to a new high above $48,360 on Thursday on the heels of BNY Mellon’s announcement that they would start offering custodial services to institutional clients. This decision by America’s oldest bank to start holding, transferring and issuing BTC on behalf of its asset-management clients prompted buyers to step in around $46,700.
Global payments service provider Mastercard also revealed in a Thursday blog post that it plans to roll out support for crypto on their network.
This raft of positive news boosted Interest in the world’s top cryptocurrency, allowing bulls to propel it past its previous ATH of $48,226 set two days ago.
The current bitcoin uptrend is arguably the most powerful in its short history. The king coin’s bullish momentum has been up for months now despite a few selloffs restricting its uptrend. At the time of writing, BTCUSD is up 7.55% at its price of $47,249.
BTCUSD Chart By TradingView
Increased Adoption Could Amplify Scrutiny of Digital Assets
The BTC price has jumped to multiple record highs this week, buoyed by the $1.5 billion purchase by Tesla and today’s interest in the asset class from MasterCard and BNY Mellon.
And while crypto advocates are “loving the BNY Mellon news” according to analyst Alex Kruger, the stampede into bitcoin markets by major institutions could have one undesired consequence.
Neil Wilson, the chief market analyst at Markets.com, argues that the adoption of cryptocurrencies by big institutional players is likely to catch financial watchdogs’ attention.
“Whilst it was fine to let bitcoin be when it was used for money laundering and drug running, it’s another story when the likes of BNY are offering custodial services,” Wilson remarked earlier today.
As reported by the Daily Chain, newly appointed US Treasury Secretary Janet Yellen is already calling for regulators to find ways of curtailing crypto use for illicit activities.
ETH Holds Gains Above $1,700
The ETH price saw a slow but steady rise above the $1,750 pivot level on Thursday. The top altcoin gained momentum and traded to a new all-time high near $1,840 before correcting lower.
ETHUSD even spiked below $1,700, but buyers stepped in at this level to limit further moves to the downside. As of this article’s writing, Ether is trading nicely above $1,760 as the bulls aim a retest of the $1,800 resistance level.
ETHUSD Chart by TradingView