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Bitcoin Tests New Record $50K

Continued news about institutional investor interest in cryptocurrencies and Bitcoin caused the price of Bitcoin to surge to the $50,000 limit. Although Bitcoin declines with profits from these levels, its upside potential is seen to continue.

Bitcoin’s price broke a record at $ 49716.44, and Morgan Stanley’s $ 150 billion CounterPoint Global fund, which invested in stocks with high yield potential, was swayed by claims that it was evaluating investing in Bitcoin.

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Morgan Stanley fund is evaluating whether Bitcoin will be suitable for its investors, according to the news that Bloomberg based on sources close to the subject. The approval of the company and regulators will be required for the possible investment.

Furthermore, the news that Deutsche Bank is working to develop an integrated custody platform for corporate clients and their digital assets also influenced the rise in the price of Bitcoin.

Bitcoin is currently trading at $ 46,829.56, down 4.11 percent compared to 24 hours ago.

SBI Holding, Japan’s largest online brokerage firm, announced that they are in talks with foreign financial companies to establish partnerships in the field of cryptocurrencies and that their goal is to grow their activities in the field of cryptocurrencies.

SBI Holdings CEO Yoshitaka Kitao said in a statement that cryptocurrencies such as Bitcoin and Ethereum stand out as alternative investment targets, adding that global investors are preparing for this rapidly growing market.

“Institutional investors, mainly hedge funds, have already started investing in cryptocurrencies,” Kitao said. Not just institutional investors, but they also invested in Elon Musk. ” Stating that they are negotiating with at least two companies to partner in the field of cryptocurrencies, Kitao did not give the names of possible partners.

SBI Holding has been acting as an intermediary for cryptocurrency trading since 2018. Last year, Japan-based cryptocurrency exchange Tao acquired all of Tao and 90 percent of London-based cryptocurrency market maker B2C2.

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