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

The cryptocurrency set a new high of $48,297 during the U.S. trading hours, surpassing the previous peak price of $48,226 registered on Tuesday, according to CoinDesk 20 data.

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Buyers stepped in around $46,700 after BNY Mellon said it will hold, transfer and issue bitcoin and other cryptocurrencies on behalf of its asset-management clients.

"Bitcoin is loving the BNY Mellon news. It's a very big deal," trader and analyst Alex Kruger tweeted.

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A wave of institutional adoption has hit the bitcoin market this week, pushing prices higher by 22%.

On Monday, the U.S. electric car maker Tesla (TSLA) , a Fortune 500 company, announced bitcoin purchases worth $1.5 billion, bolstering the cryptocurrency's appeal as a reserve asset. Payments giant Mastercard (MA) said early Thursday it is planning to allow merchants to accept crypto payments.

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