Bitcoin price shoots above $49,000 as Morgan Stanley's $150 billion investment arm eyes BTC

Yohay Elam FXStreet

Bitcoin (BTC/USD) has hit a new all-time high of $49,344 early on Sunday amid reports of further institutional interest. Bloomberg has reported that Counterpoint Global, an investment arm of Morgan Stanley, is considering investing in the cryptocurrency.

MS is one of the world's most known banks and Counterpoint, which has some $150 billion under management, is highly ranked among mutual funds.

The news about Morgan Stanley completes a winning streak for the granddaddy of digital coins. Elon Musk's Tesla triggered gains early on with its $1.5 billion investment announcement and willingness to consider accepting payments in BTC. Headway made by Mastercard and BNY Mellon also gave Bitcoin another impetus.

BTC/USD daily chart:

More Bitcoin chart analysis after tesla buys $1.5 billion and reaches $50k

Bitcoin's upward move stands out as Ethereum is only marginally higher at around $1,845 on Sunday, while XRP is at $0.61. It is essential to note that these altcoins had been on the rise in previous days.

Here is another digital coin garnering interest: The Graph Price Forecast: GRT explodes towards $3 thanks to massive network growth

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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