Mastercard and Bank of New York Mellon launch cryptocurrency service Bitcoin hits record high

Bitcoin once rose by 7.4% to $48,913 on February 11, exceeding the all-time high set on Monday (February 8). As of press time, Bitcoin is quoted at $47,685 each.

(Market information provided by C2CX exchange )

On the news, Mastercard (Mastercard

Incorporated) launched a “stable currency”, usually the value of the stable currency is linked to other assets such as the U.S. dollar. MasterCard has already cooperated with cryptocurrency issuers including Wirex and BitPay but requires Bitcoin to be converted to legal tender before it can be used for transaction payments on the MasterCard network.

The Bank of New York Mellon said on Thursday (February 11) that the bank will provide institutional investors with services to hold, transfer, and issue bitcoin and other cryptocurrencies.

According to Sina Finance on February 12, quoting Mike McGlone, an industry research commodity strategist at Bloomberg, “Bitcoin seems to be approaching a perfect storm, and Tesla’s news makes the $50,000 frontline the next round of the mark.”

Tesla (Tesla) announced on Monday that it will hold $1.5 billion in bitcoin on its balance sheet.

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