Bitcoin hit a new record on Thursday after BNY Mellon, America’s oldest bank, announced crypto custody for institutional clients.

The cryptocurrency hit a new high of $ 48,297 during US trading hours and, according to CoinDesk 20 data, topped the high of $ 48,226 registered on Tuesday.

The buyers saved approximately $ 46,700 after BNY Mellon announced it would hold, transfer and spend Bitcoin and other cryptocurrencies on behalf of its asset management clients.

“Bitcoin loves the BNY Mellon news. It’s a very big deal, ”tweeted trader and analyst Alex Kruger.

A wave of institutional acceptance hit the Bitcoin market this week, raising prices by 22%.

On Monday, US electric car maker Tesla (TSLA), a Fortune 500 company, announced $ 1.5 billion in Bitcoin purchases, adding to the cryptocurrency’s appeal as a reserve asset. Payment giant Mastercard (MA) said early Thursday it plans to allow merchants to accept crypto payments.