Bitcoin prices on Sunday were approaching a psychological milestone of around $ 50,000.
The weekend move pushed the world’s No. 1 digital asset to a new mark of $ 49,716.44, according to CoinDesk, contributing to a steady erosion toward full-time highs as its there is more attention and more institutional investments in cryptos on an attractive near-term backdrop for the virtual market.
BTCUSD Bitcoin,
higher momentum has led to a year-to-date gain of over 64%, compared to a 2.8% increase for the Dow Jones industrial average DJIA,
4.8% advance for S&P 500 SPX index,
and received a 9.4% rally for the Nasdaq Composite Index COMP,
so far in 2021.
Although, no specific news is helping to extend profits for bitcoins, the rally comes as the fund seems to be gathering steam and more attention among the traditional investment community.
Over the weekend, Bloomberg News, citing acquaintances, reported that Morgan Stanley MS,
an investment management unit, Counterpoint Global, was examining the purchase of cryptos for the investors.
That report comes after the Wall Street Journal earlier this week reported that Bank of New York Mellon, BK would hold, move and export bitcoin and other cryptocurrencies from it. half the client.
“Digital assets are said to be growing as part of the mainstream,” Roman Regelman, BNY Mellon’s chief asset and digital services officer, told WSJ.
Also, last Wednesday, Mastercard MA,
said it would support some cryptocurrencies on its network later this year and Tesla Inc. TSLA,
he said he bought $ 1.5 billion of bitcoin and would allow customers to use the cryptocurrency to buy his products.
Read: Why did Tesla buy bitcoin?
See also: Why is dogecoin falling? The crypto has fallen 20% from its record Monday
PayPal Holdings Inc. PYPL,
back in November it opened the cryptocurrency platform to U.S. buyers after a narrower distribution.
Several well-known Wall Street investors, including Stanley Druckenmiller and Paul Tudor Jones, have also embraced bitcoin. Well-known investor Bill Miller, founder of Miller Value Partners, confirmed in a letter to futures investors his bullish view on bitcoin.
To be sure, recent developments do not promise an unbroken higher climb for bitcoins and other cryptos. Back in late 2017, the price of bitcoin, close to $ 20,000, halted a sharp drop, slipping to nature around $ 3,000 before falling back years later.
Bullish investors also note that additional benefits for the fund may depend on the assistance of regulators in establishing clear investor protections and rules for the use of cryptos, which is sometimes seen as a tool for spies rather than as a means of exchange and a source of value such as GC00 gold,