Cryptocurrency Bitcoin has reached an all-time high of $48,481 against the US dollar. Bitcoin has climbed more than eight percent. This improvement happened after Bank of NY Mellon announced that it had formed a new unit to help clients hold, transfer and issue digital assets.

The Digital Assets unit is the name of the new unit at BNY Mellon. In a statement, the bank said that under this new unit the bank is expected to launch offerings later this year.

Also, cryptocurrency has observed a sharp uptick in prices after Elon Musk’s electric vehicle company Tesla Inc announced a $1.5 billion investment in bitcoin on February 9. After that, the digital currency increased in value by 6.3% to $47,494 in Asian trading as investors reckoned possibilities of other big companies to invest in the cryptocurrency.

The electric vehicle company, Tesla Inc in its filing has said that investing almost eight percent of its reserves into bitcoin was part of its broad investment policy as it aimed at diversifying and maximizing its returns on cash, including holding gold. According to Tesla, its investment in bitcoin under the changed policy and could acquire and hold digital assets from time to time or long-term. Due to the announcement, the price of one bitcoin jumped to a peak of $48,216, which was almost enough to buy one of the best-selling Tesla vehicles – Tesla Model Y SUV.

After this announcement by Tesla, Bitcoin took a major jump on February 8. It was its largest daily rise in more than three years. Bitcoin was last up 8.39% at $48,101.7.