Bitcoin prices on Sunday were approaching a psychological milestone of about $ 50,000.
The weekend move boosted digital asset no. 1 in the world to a new record high of $ 49,716.44, according to CoinDesk, which added to a steady grind toward historic highs as more attention and more institutional investment in cryptocurrencies have provided a happy backdrop in the short term. term for the virtual market.
Bitcoin BTCUSD,
a higher boost has led to a year-over-year gain of more than 64%, compared to a 2.8% increase in the Dow Jones Industrial Average DJIA,
an increase of 4.8% for the S&P 500 SPX index,
and obtained a 9.4% rally for the Nasdaq Composite Index COMP,
so far, in 2021.
While there is no specific news to help expand bitcoin earnings, the concentration comes as the asset appears to be gaining strength and increasing attention among the traditional investing community.
Over the weekend, Bloomberg News, citing acquaintances, reported that a Morgan Stanley MS,
the investment management unit, Counterpoint Global, was exploring buying cryptocurrencies for its investors.
The report comes after The Wall Street Journal earlier this week said Bank of New York Mellon, BK, would hold, transfer and issue bitcoins and other cryptocurrencies on behalf of its customers.
“Digital assets are becoming part of the mainstream,” Roman Regelman, executive director of digital and asset services companies at BNY Mellon, told WSJ.
Also, last Wednesday, Mastercard MA,
said it would support certain cryptocurrencies on its network later this year and Tesla Inc. TSLA,
he said he bought $ 1.5 billion in bitcoins and would eventually allow customers to use digital currency to buy their products.
Read: Why did Tesla buy Bitcoin?
See also: Why does dogecoin fall? Cryptography has fallen 20% since its record Monday
PayPal Holdings Inc. PYPL,
in November it opened its cryptocurrency platform to all U.S. customers after making a narrower launch.
Several Wall Street investors, such as Stanley Druckenmiller and Paul Tudor Jones, have also adopted Bitcoin. Renowned investor Bill Miller, founder of Miller Value Partners, recently confirmed in a letter to his clients his bullish outlook on Bitcoin.
Of course, recent developments do not guarantee a higher uninterrupted rise for bitcoins and other cryptocurrencies. In late 2017, the price of Bitcoin, which was approaching $ 20,000, caused an epic collapse, falling to a nadir around $ 3,000 before recovering years later.
Bullish investors also point out that additional gains for the asset may be dependent on the help of regulators to establish clear protections and rules for the investor for the use of cryptocurrencies, which are sometimes seen as a tool. for scammers rather than as a means of exchange and a storehouse of value. such as GC00 gold,