Bitcoin Leads Crypto Market Rally, Skyrocketing To Five-Month High After Big Bank Embrace

Bitcoin Leads Crypto Market Rally, Skyrocketing To Five-Month High After Big Bank Embrace

Share to Linkedin Within a couple of hours Wednesday, bitcoin prices skyrocketed to their highest levels in months, adding on to weeks of moderate gains amid a flurry of positive developments for the recently struggling market, with U. S. Bank and Bank of America among the latest legacy financial institutions embracing the space. U. S. Bank says clients are "getting very serious" about cryptocurrencies, while Bank of America says ... [+] they're "too big to ignore." Though it's still about 15% below an all-time price high in April, the world's largest cryptocurrency far outpaced gains in the market on Wednesday, with ether, Cardano's ada and binance coin climbing about 6%, 2% and 1% over the past 24 hours, respectively. In a Wednesday note, Freddie Evans, a sales trader at digital asset broker GlobalBlock, attributed part of the price momentum to U. S. Bank, the nation's fifth-largest bank by assets, announcing on Tuesday it has launched a bitcoin custody service to help investment managers store private keys for bitcoin, bitcoin cash and litecoin. In an interview with CNBC, Gunjan Kedia, the bank's vice chair of wealth management, said clients are "getting very serious about the potential of cryptocurrency as a diversified