By Shelly Melancon (Switzerland)
One of the top American banks, Bank of America (BoA), now allows its customers to start Bitcoin futures trading. Thus, BoA now joins other elite financial institutions in America, offering Bitcoin futures trading. Coindesk was the first to break the news because it had insider sources.
BoA Customers Can Start Trading Bitcoin Futures
While the BoA now allows Bitcoin futures and crypto trading through it, the service is still only available to its large clients and investors. This is good news for its customers as the bank has been stalling on making this service available to its customers for many years now.
Most banks that have allowed crypto trading, especially Bitcoin futures trading, have only started allowing it since the beginning of this year. One of the recent banks to offer this service is Goldman Sachs.
However, while it is good news that BoA now allows Bitcoin futures trading, the Bitcoin trading volume has been on the decline in recent times, and it is now at a multi-month low. Despite attaining a new peak price of about $64,000 mid-last quarter, it is currently trading around the $31,500 range.
Hence, most BoA customers might not trade Bitcoin futures right now. But it is still good that BoA is making this service available because its customers can start trading once the market picks up again. This news will have a bullish effect on the virtual asset space since there will be new traders who can now trade the crypto market. Even experienced traders now have another way to trade Bitcoin futures.
BoA seems to be following in the footsteps of other top American banks. You’d recall that Morgan Stanley recently granted Bitcoin trading access to its customers.
More Entrants into The Digital Asset Market
A Coindesk survey revealed that some new traders are already entering the crypto space because these banks granted them access. Also, there are a few others who are already setting up their trading accounts. Recently, lots of financial firms are acceding to their customers’ demand to trade the crypto market.
The virtual asset space is now the fastest growing industry right now, and before the decline in prices in May 2021, its trading volume was at an all-time high. Apart from Bitcoin, traders and investors have also been attracted to trading altcoins and stablecoins for massive profits.
Now, they have the opportunity to add Bitcoin futures trading to their trading portfolio.
More U.S. Banks Will Still Allow Bitcoin Trading
Two months ago, NYDIG (a virtual asset custodian company and a stone ridge subsidiary) revealed that more U.S. Banks (and not just the big dogs) would soon allow their customers to start crypto trading through their bank accounts. Stone ridge is a New York-based asset management firm.
NYDIG president (Yan Zhao) said, “banks are starting to feel they’re missing in action when it comes to cryptocurrency. They are seeing the large transaction volumes taking place between their customers and popular crypto exchanges such as Coinbase.” NYDIG recently revealed that it is collaborating with fidelity national information service to start offering crypto trading services to clients of American banks.
One of the top American banks, Bank of America (BoA), now allows its customers to start Bitcoin futures trading. Thus, BoA now joins other elite financial institutions in America, offering Bitcoin futures trading. Coindesk was the first to break the news because it had insider sources.
BoA Customers Can Start Trading Bitcoin Futures
While the BoA now allows Bitcoin futures and crypto trading through it, the service is still only available to its large clients and investors. This is good news for its customers as the bank has been stalling on making this service available to its customers for many years now.
Most banks that have allowed crypto trading, especially Bitcoin futures trading, have only started allowing it since the beginning of this year. One of the recent banks to offer this service is Goldman Sachs.
However, while it is good news that BoA now allows Bitcoin futures trading, the Bitcoin trading volume has been on the decline in recent times, and it is now at a multi-month low. Despite attaining a new peak price of about $64,000 mid-last quarter, it is currently trading around the $31,500 range.
Hence, most BoA customers might not trade Bitcoin futures right now. But it is still good that BoA is making this service available because its customers can start trading once the market picks up again. This news will have a bullish effect on the virtual asset space since there will be new traders who can now trade the crypto market. Even experienced traders now have another way to trade Bitcoin futures.
BoA seems to be following in the footsteps of other top American banks. You’d recall that Morgan Stanley recently granted Bitcoin trading access to its customers.
More Entrants into The Digital Asset Market
A Coindesk survey revealed that some new traders are already entering the crypto space because these banks granted them access. Also, there are a few others who are already setting up their trading accounts. Recently, lots of financial firms are acceding to their customers’ demand to trade the crypto market.
The virtual asset space is now the fastest growing industry right now, and before the decline in prices in May 2021, its trading volume was at an all-time high. Apart from Bitcoin, traders and investors have also been attracted to trading altcoins and stablecoins for massive profits.
Now, they have the opportunity to add Bitcoin futures trading to their trading portfolio.
More U.S. Banks Will Still Allow Bitcoin Trading
Two months ago, NYDIG (a virtual asset custodian company and a stone ridge subsidiary) revealed that more U.S. Banks (and not just the big dogs) would soon allow their customers to start crypto trading through their bank accounts. Stone ridge is a New York-based asset management firm.
NYDIG president (Yan Zhao) said, “banks are starting to feel they’re missing in action when it comes to cryptocurrency. They are seeing the large transaction volumes taking place between their customers and popular crypto exchanges such as Coinbase.” NYDIG recently revealed that it is collaborating with fidelity national information service to start offering crypto trading services to clients of American banks.
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