Bank of America, one of the largest banks in the US, now trades in bitcoin (BTC) futures contracts for a number of customers. That report two anonymous sources to Coindesk. However, Bank of America has not yet confirmed the news.
SCOOP: America’s second-largest bank, @BankofAmerica, has approved the trading of bitcoin futures for some clients, according to sources. @TanzeelAkhtar and @willcanny99 report https://t.co/YbJ8wJx2vV
— CoinDesk (@CoinDesk) July 16, 2021
Relative to other major US banks, Bank of America was very reluctant to embrace the cryptocurrency market. According to one of the anonymous sources, the US bank is now allowing some clients to trade futures because of the huge margin needed. It is not clear which customers these are or which criteria apply. According to the other anonymous source, some of them are already setting up their bitcoin futures, Coindesk reports.
Furthermore, Coindesk says that the bitcoin futures are allegedly being offered via the Chicago Mercantile Exchange (CME), although that has not been confirmed either. Whether it’s just a rumor or not, either way, prices seem to be reacting equally.
Initially, bitcoin continued to fall today, reaching a low of $31,150 around two o’clock, its lowest in three weeks. Shortly afterwards, the price suddenly made a big bounce up to $32,000, up 2.7% in less than an hour.
Also the rates of many altcoins are pulled upwards, although it is slightly less hard. Ethereum (ETH) dropped to $1,860 today and just bounced back to $1,900. Cardano (ADA) fell to $1.17 and is now back at $1.21. There are also many DeFi on NFT tokens are in the plus compared to hours ago, although they are still in the minus compared to a day ago. Dogecoin (DOGE) also just saw a small bounce, but has almost lost it.
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