Bitcoin prices on Sunday are approaching a psychological milestone around $ 50,000.
The weekend move pushed the world’s number 1 digital asset, according to CoinDesk, to a new record high of $ 49,716.44, adding a steady acceleration to overall highs as greater attention and more institutional investment in cryptocurrencies set a backdrop on provided the short term. for the virtual market.
Bitcoin is BTCUSD,
a higher momentum drove it to a year-to-date profit of more than 64%, compared to a 2.8% increase for the Dow Jones Industrial Average DJIA,
an advance of 4.8% for the S&P 500 index SPX,
and the acquisition of 9.4% for the Nasdaq Composite Index COMP,
so far in 2021.
While there is no specific news that helps expand profits for bitcoins, the march is coming because it looks like the asset is getting steam and getting more attention among the traditional investment community.
Over the weekend, Bloomberg News, citing celebrities, reported that a Morgan Stanley MS,
investment management unit, Counterpoint Global, is investigating the purchase of cryptocurrencies for its investors.
The report comes after the Wall Street Journal said earlier last week that Bank of New York Mellon, CC would hold, transfer and issue bitcoin and other cryptocurrencies on behalf of its customers.
“Digital assets are becoming part of the mainstream,” WSJ said. Roman Regelman, CEO of BNY Mellon’s asset service and digital businesses.
In addition, Mastercard MA, last Wednesday,
said it would support certain cryptocurrencies in its network later this year and TLA, Inc. TSLA,
said they bought $ 1.5 billion in bitcoin and would eventually enable customers to use the cryptocurrency to buy its products.
Read: Why did Tesla buy bitcoin?
See also: Why does dogecoin fall? The crypto has tumbled 20% since its record on Monday
PayPal Holdings Inc. PYPL,
back in November, it opened its cryptocurrency platform to all US customers after doing a closer implementation.
Several notable Wall Street investors, including Stanley Druckenmiller and Paul Tudor Jones, have also grabbed bitcoin. Well-known investor Bill Miller, founder of Miller Value Partners, recently confirmed in a letter to clients his bullish outlook on bitcoin.
To be sure, recent developments do not guarantee an uninterrupted climb higher for bitcoins and other cryptocurrencies. By the end of 2017, bitcoin’s price, nearly $ 20,000, had an epic collapse and shifted about $ 3,000 to a lower level before bouncing back years later.
Bulls investors also note that further gains for the asset may depend on the help of regulators to establish clear investor protection and rules for the use of cryptocurrencies, which are sometimes seen as a tool for fraudsters rather than a medium of exchange and ‘ a store of value. like gold GC00,