Bitcoin hits $55.000, reaches $1 trillion market cap while BoA admit that BTC is important

2 min readOct 6, 2021
Photo by Executium on Unsplash

Bitcoin hits $55.000, reaches $1 trillion market cap

Bitcoin has hit $55,000 for the first time since mid-May. The largest cryptocurrency by market cap peaked at $55,530 on price index CoinGecko on Wednesday morning before falling back to its current price of just under $54,000.

Due to the price spike, the market capitalization of the biggest cryptocurrency also reached the $1 trillion, which makes it bigger than for example Facebook.

Bank of America admits Bitcoins importance

Bank of America officially launched its cryptocurrency research division with a new 140-page report titled, “Digital Assets Primer: Only the first inning,’ that covers bitcoin, NFTs, DeFi, central bank digital currencies (CBDCs) and more.

Led by Alkesh Shah, head of global cryptocurrency and digital asset strategy, the report reveals that 221 million people have purchased or sold a cryptocurrency as of June 2021, up from 66 million in May 2020.

“It’s difficult to overstate how transformative blockchain technology, digital assets and the thousands of decentralized apps that have yet to be created could potentially be.”

They assess that Bitcoin is important and that the blossoming asset class has become too large to ignore

Source: Blockworks

US Bank to Allow Bitcoin Custody Service for Institutional Clients as Demand Skyrockets

US Bank — the fifth-largest retail bank in the United States — is launching a crypto custody service available to fund managers as more institutions race to meet clients’ demands for cryptocurrencies.

CNBC revealed that US Bank partnered with New York Digital Investment Group (NYDIG) to provide crypto services for Bitcoin, Litecoin, and Bitcoin Cash. Support for other cryptocurrencies like Ether (Ethereum) will be rolled out in the near future.

Source: CNBC

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