Bitcoin Sets New Price Record at 49.7K
Crypto bulls have cheered as the coin has started to gain the attention of Wall Street and major corporations. Bitcoin recently surged above $48,000 after Tesla announced a $1.5 billion investment in the cryptocurrency.
According to analysts, there was nothing concrete to spur the 6.2 percent rally Sunday morning other than an institutional interest in bitcoin growing "at a staggering pace." However, yesterday Morgan Stanley's $150 billion Counterpoint Global investment unit was reported to be looking into a massive cryptocurrency investment.
In addition to the Morgan Stanley report, CoinDesk recently reported that Deutsche Bank has plans to offer crypto custody to hedge funds that invest in the asset class.