Bitcoin hit a new all-time high of $ 50,000 on Sunday (February 14), according to CNBC.
Bitcoin, the world’s largest cryptocurrency, grew in value by over 5 percent and hit its new record of $ 49,716, according to CoinDesk.
The rate was reversed by Monday when the value fell back to around $ 47,925.
The surge came after a number of high profile companies put crypto in the spotlight, including Tesla’s $ 1.5 billion investment and BNY Mellon, who launched a new service to enable the use of cryptocurrency for its custody services.
According to a new report, Deutsche Bank intends to implement a platform for custody of digital assets.
The aim is for the bank to “seamlessly connect to the broader cryptocurrency ecosystem,” the report said.
Deutsche Bank wants to create a secure connection between digital assets and a customer’s regular bank. It allows the user to manage their digital assets and fiat stocks in one simple menu and security is ensured by an “institutional hot / cold storage solution” with high quality protection.
Japanese conglomerate SBI Holdings is currently in discussions with international financial firms about potential cryptocurrency joint ventures to increase profitability, Reuters writes.
Founder Yoshitaka Kitao, who founded the company in 1999, said that cryptocurrencies like Bitcoin and Ethereum are becoming increasingly popular. Kitao, 70, said the world was not the same as some investors remembered when investing in stocks or bonds went. He said it wasn’t an “either-or” situation now as more investors looked into crypto.
Steve Vallas, CEO of Blockchain Australia advocacy group, said the country’s cryptocurrency and blockchain companies need more support from the federal government to build confidence in the sector there, Coindesk writes.
Vallas said before the Senate Financial Technology and Regulatory Technology Committee on Thursday (Feb.11) that Australia has seen little innovation when it comes to blockchain in recent years. He said there needs to be “more signals” from regulators that they are ready to have open discussions.
NEW PYMNTS DATA: BUY NOW, PAY LATER, CONSUMER STUDY
About: Buy Now, Pay Later: Millennials and the Changing Dynamics of Online Credit, a collaboration between PYMNTS and PayPal, examines the demand for new flexible credit options and the way consumers, especially in the millennial demographics, are paying online. The study is based on two surveys of nearly 15,000 US consumers.