Bitcoin hits record as Mastercard, BNY Mellon embrace crypto

Bitcoin jumped to a record high after Mastercard Inc. and Bank of New York Mellon Corp. moved to make it easier for customers to use cryptocurrencies.

The largest digital asset rose as much as 7.4% to $48,364, surpassing the all-time high reached Monday after Tesla Inc. announced it would hold $1.5 billion of the cryptocurrency on its balance sheet. The wider Bloomberg Galaxy Crypto Index also touched a record.

“Bitcoin appears to be in a near-perfect storm for higher prices, and Tesla has helped solidify about $50,000 as the next whole number resistance target,” said Mike McGlone, a Bloomberg Intelligence commodity strategist.