Bitcoin BTC/USD — the world's top cryptocurrency — is once again trading over $50,000 per coin, and institutions are said to have played a major role in this.
See Also: IS BITCOIN A GOOD INVESTMENT?
What Happened: According to CoinMarketCap data, Bitcoin is trading at $51,704 Tuesday afternoon after seeing its value increase by 4.73% over the last 24 hours.
Market participants say one dynamic behind the surge is an increase in crypto services from banks, according to a Tuesday Reuters report.
Martha Reyes, head of research at digital asset prime brokerage and exchange BEQUANT, said that banks "are capitulating one by one" now that Bitcoin is "too big to ignore" and "regulators certainly aren't ignoring it."
The report mentioned Bank of America Corp.'s BAC release of its first research report dedicated to cryptocurrencies, which said the market is too big to ignore. Reuters also reports that crypto investment products recorded inflows for a seventh straight week and points to institutional investors as being the cause.
See Also: Learn about Cryptocurrency
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