Bitcoin Jumps Close To Record High As Ethereum Holds Steady At Peak

The price of bitcoin has surged back above the $60,000 level over the weekend to trade near its all time high amid reduced supply and increasing demand from new types of investors.

Bitcoin, Cryptocurrency, Digital, Money

The world’s largest cryptoasset saw its price jump to $60,730 on Saturday, and it remains above the milestone $60,000 mark this morning, trading at $60,132 (BITCOMP).

Bitcoin’s price has surged once again thanks to a number of factors, including new demand from institutional investors and wealth managers offering cryptoasset exposure to clients. Meanwhile a decline in on-exchange reserves is reducing supply as more investors move the currency to their own wallets.

The recent rally leaves bitcoin trading marginally below its all time high above $61,500.

Peer ethereum (ETH-X), which hit a record high of $2,151 late last week, has held steady near its new peak, trading at $2,134 this morning.

State Street tiptoes in to the crypto market

One of the world’s biggest asset managers is joining the crypto market. State Street (STT) has forged a deal to lend its trading technology to start-up Pure Digital, which aims to be the main institutional platform for bitcoin. 

The new trading venue will enable cash cryptoasset trading for investors via their existing banking relationships, with Currenex, State Street’s platform providing the underlying technology. 

Slated to go live in “mid-2021”, this launch is yet another example of major financial firms exploring cryptoassets, and looking to play a more substantial role in the market. Following the likes of BNY Mellon, Goldman Sachs and Morgan Stanley, this year could be a momentous one for the adoption and appreciation of cryptoassets in not only the retail, but institutional market too. 

Rent now payable in bitcoin in US

Rick Caruso’s retail estate company, which owns the likes of outdoor malls The Grove and The Americana, alongside luxury apartments, will now accept rent in the form of bitcoin.

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Disclaimer: This article should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been ...

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