Baxia Markets
October 06, 2021

Bitcoin climbs past $50,000 again, future gains still to come

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For days, cryptocurrencies have been strong: Ethereum, the second-largest token, was trading about $3,440 on Tuesday, up 20% in the previous week. Binance Coin, XRP, Solana, and Dogecoin are among the other significant tokens on the rise, with the latter rising by 9% in the last 24 hours to $0.2501. During a major selloff in cryptocurrency and blockchain-related stocks in early September, bitcoin went below $50,000. It dropped even further in September, reaching a low of $40,596 on September 21.




U.S. Bancorp announced the introduction of a cryptocurrency custody service for institutional investment managers with private funds in the US and the Cayman Islands on Tuesday. As other mainstream financial institutions deepen their involvement with the asset class, Bank of America Corp issued its first research report focusing on cryptocurrencies and other digital assets on Monday. "One by one, the banks are capitulating," said Martha Reyes, head of research at BEQUANT, a digital asset primary brokerage and exchange. One of the major dangers with crypto is whether regulators will allow the movement to continue. For the time being, the markets believe it will be manageable.


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