Bank of America is allowing some clients to trade bitcoin futures, report says
Bank of Americahas approved access to bitcoin futuresto some clients, CoinDeskreported Friday.
- The bank gave the green light due to the large amount of margin required to trade the futures, the report said.
- Bitcoin is trading at less than half its all time high of near $65,000 achieved earlier this year.
Bank of America is allowing some of its clients to trade bitcoin futures, according to a CoinDesk report, a move that highlights the growing push by institutions into the cryptocurrency market.
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The second-largest bank by assets in the US has been conservative in dealing with cryptos but it has approved giving some clients access to the market due to the large amount of margin required to trade the futures, CoinDesk reported Friday, citing an unnamed source. Another source told the site some of BofA's clients are setting up to trade
To address institutional interest in digital currencies, Bank of America recently launched a cryptocurrency research team, according to a memo obtained by Insider.
Goldman Sachs has expanded its presence in the bitcoin market by offering non-deliverable forwards, a derivative tied to bitcoin's price that pays out in cash, Bloomberg reported in May.
The news of BofA's bitcoin move comes as the market value of the global cryptocurrencies has dropped to $1.3 trillion from a high of more than $2.4 trillion in May, led largely by a selloff in bitcoin. Bitcoin traded below $32,000 on Friday and was headed toward its worst weekly performance in more than a month.
For a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.
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