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Reasons why Bitcoin just hit a new all-time high

Bitcoin, the number one cryptocurrency, hit another all-time high of $48,481 at 1:21 p.m. UTC on the Bitstamp exchange.

BTC/USD Chart by Tradingview

After dipping to the $43,700 level, the cryptocurrency continued its record-shattering rally that was turbocharged by the big Tesla news at the beginning of the week.

Coinbase premium

Coinbase Pro’s Bitcoin premium went through the roof, reaching as high as $500 earlier today as noted by analyst Lex Moskovski. This is believed to be a bullish indicator since it shows buying pressure from whales on America’s largest exchange.

Image by twitter.com

Mastercard’s pivot to crypto

Mastercard, the second-largest payment network in the world, recently announced that it would start supporting cryptocurrencies:

“We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network. This is a big change that will require a lot of work”.

BNY Mellon unveils its Bitcoin plans

If this week were not big enough for Bitcoin, the Bank of New York Mellon, a major Wall Street player, has just made its Bitcoin plans public.

The shares of both BNY Mellon and Mastercard are now up more than two percent after adopting the cryptocurrency.

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