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0.82%Bitcoin Sets New All-Time High of $49.7K, Putting $50K Within Striking Distance
The record comes as traders analysts have described institutional investors’ interest in bitcoin as growing “at a staggering pace.”
The price of bitcoin (BTC) rose Sunday morning to a new all-time high of $49,716 after a week of positive developments regarding increased Wall Street acceptance of the leading cryptocurrency.
Story continues
- Bitcoin hit a new high-water mark of $49,716.44, topping the previous mark of just over $49,000 set this past Thursday. At press time, BTC had pulled back, changing hands at $49,539, up 6.2% over 24 hours and 69% year-to-date.
- While there doesn't seem to be any specific reason for the move this morning, the record comes as traders analysts have described institutional investors’ interest in bitcoin as growing “at a staggering pace.”
- Yesterday, there was further confirmation of that narrative when Bloomberg cited people familiar with the matter as saying Morgan Stanley's $150 billion Counterpoint Global investment unit is exploring a stake in the cryptocurrency.
- That news came shortly after it was revealed by CoinDesk that Deutsche Bank is planning to offer crypto custody to hedge funds that invest in the asset class, that Ark Investment Management boosted its exposure to BTC in the fourth quarter, and that BNY Mellon will roll out its own digital custody unit.
- And all of this came days after the biggest news of the year for BTC, that electric carmaker Tesla has invested $1.5 billion in the cryptocurrency.
- Other cryptocurrencies are also seeing big rises Sunday. LINK, the native cryptocurrency of oracle provider Chainlink, hit a new record high of $35.73 earlier this morning, while coins such as bitcoin cash, ethereum classic, bitcoin SV and NEO are all posting 24-hour gains of over 20%.
Read more: Wall Street Embrace of Crypto Grows Closer as Employees Argue on Its Behalf: CNBC
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
