Recently, more financial institutions have shown increased interest in cryptocurrency. You probably know how different organizations have included crypto in the catalog since the start of the year. Surprisingly, cryptocurrency prices are not responding to the increased crypto usage.
Increased Crypto Adoption
It is undeniable that the crypto market has been flourishing in the past year. Increased prices are among the things that drew more investors to the crypto space. Most digital coins saw their value increasing more than double. For instance, Bitcoin amplified 200% from its highest value in 2017 to achieve a record high of about $65,000. Also, Ether rallied over $4,500 in a prolonged bullish run.
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However, the recent notable trend in the crypto space is the entry of financial institutions. Over the last few months, multiple conventional financial institutions have ventured into the digital market, offering crypto-related services.
Some of the financial institutions that invested in the crypto market include JPMorgan, Morgan Stanley Goldman Sachs. Other renowned banks planning to join the crypto craze include UBS, Deutsche Bank, Cowen, and Citigroup. The US oldest bank BNY Mellon has already ventured into the crypto space. Moreover, it went ahead to enlarge its presence this week.
BYN Mellon plans to offer crypto custody facilities to its customers via Dublin, its new digital object unit. Digital Innovation will act as an NFTs and crypto custodian. Moreover, followers can access CBDCs custody services whenever they are available in the market.
Argentina is now a crypto mining hub. Citizens in this nation take advantage of the massive power subsidy by the administration to mine crypto assets such as Bitcoin. That has attracted reputable mining firms like Bitfarms that want to launch a shop in this South American nation.
Crypto Price Stagnates
Regardless of the positive news surrounding the virtual markets, crypto prices remain stagnant. BTC, the world-leading digital coin, surged by 0.2% in the last 24 hours. The virtual asset is struggling to achieve the $40,000 mark.
Ether seems to have its ease, with its ETH-USD pair rising by 3.6 % in the last 24 hours. However, ETH is trading at about$2,500, necessitating strong bulls to reach the $3,000 mark. The market will require a strong bullish move to recover from last week’s losses.
