Crypto Market Gains as US Bank Regulator Allow Crypto Custodial Services

Cryptocurrencies rose across the board on Thursday following the report that the United States’ bank regulator now allow banks in the country to provide cryptocurrency custodial services for cryptocurrency businesses and individuals.

This simply means that cryptocurrency investors and businesses can now keep their crypto assets in the same bank where they keep their fiat currency.

The news coupled with the recent European Union announcement that it would inject as much as $857 billion into economies of COVID-19 affected members and the $1 to $2 trillion stimulus package expected from the US Federal Reserve bolstered the entire cryptocurrency market. Another indication that the unregulated digital currency market has started exhibiting characteristics of traditional assets as explained on this platform in May.

The crypto market came alive on Thursday following months of trading in a tight range.

Bitcoin gained 1.64 percent to trade $9,493 per coin as of 3:05 pm Nigerian time after rising as high as $9,551 earlier in the day.

Ethereum appreciated by 8.40 percent to settle at $264.50 while Ripple added 4.14 percent to close at $0.206.

Only Tether closed in the red among the top 30 most ranked cryptocurrencies as shown below.