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Bitcoin Soars Above $ 51,000 - What's Happening?
Bitcoin surged 5% on Tuesday, climbing above the $ 50,000 round mark
Oct 6, 2021
1 min read
Anna BakkerNews analyzer

At the end of the day, the first cryptocurrency climbed to the next level at $ 51,000, refreshing its monthly highs.

Institutional organizations are again showing interest in bitcoin.

The fifth largest commercial bank in the United States U.S. Bancorp is preparing to offer cryptocurrency services to its clients. Investment managers will be able to store private keys from Bitcoin, Bitcoin Cash and Litecoin wallets in the bank.

Support for other cryptocurrencies will be implemented at a later date. The service is provided in cooperation with NYDIG, writes ttrcoin. Bank of New York Mellon, State Street and Northern Trust have previously announced their own cryptocurrency custody services.

The inflow of funds into funds based on bitcoins from September 27 to October 1 amounted to $ 69 million, in total for products based on cryptocurrencies - $ 90 million, according to a new report from CoinShares. Positive dynamics has been observed for the seventh week in a row - during this time, the total investment amounted to $ 411 million, writes cryptocurrency.tech.

The largest market maker in the United States, Citadel Securities, does not trade cryptocurrencies due to constant regulatory uncertainty, founder Kenneth Griffin said at a Chicago Economic Club event. The company processes about 40% of transactions in the US stock market.

In contrast, another well-known market maker, Jump Trading, is actively exploring the cryptocurrency space. The company announced the creation of its Jump Crypto division in mid-September and has previously partnered with projects in the Solana ecosystem, including the Serum decentralized exchange and the Pyth data project.

As a reminder, CoinShares Development Director Meltem Demirors predicted that Bitcoin will hit the $ 100,000 mark by the end of 2021. In September, Bloomberg strategist Mike McGlone made the same prediction.

“The cryptocurrency market is now in its most active phase right up until Christmas and New Years, and if digital currencies continue to grow, we can see how much patience regulators have. Obviously, cryptocurrencies are not a priority for regulators at the moment, so it is likely that investors still have time to make the most of the sector, ”said the Gravity Plus analyst group.

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