2020-7-24 00:00 |
Bitcoin price is at a pivotal moment, potentially ready for a breakout into a new bull trend. The crypto market has just been watching and waiting for the right spark.
Crypto assets typically pump when they’re listed on a new exchange or platform. The spark the crypto world may have been waiting for could be here with the figurative listing of Bitcoin on every United States bank in the world.
United States Banks Can Now Custody Crypto, OCC ClarifiesYesterday, the crypto community erupted with applause over a clarification from The Office of the Comptroller of the Currency (OCC) that banks across the US could custody cryptocurrencies for their customers.
Institutions ranging from national banks have long stored cash, gold, and other personal items of value or importance for their customers. The OCC says it recognizes the “importance of digital assets,” and therefore wanted to make the clarification for banks to provide such services.
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Services will include “holding unique cryptographic keys associated with cryptocurrency,” and “activities related to custody services.”
“Crypto custody services may extend beyond passively holding ‘keys,'” a declaration from the OCC reads.
“From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today,” explained Acting Comptroller of the Currency Brian P. Brooks.
The OCC also sees the need for banks to build infrastructure ready for the regular custody of digital assets, likely due to the United States eventually coming to terms with a digital dollar.
Bitcoin BTCUSD Weekly Long-Term Uptrend | Source: TradingView Will Bitcoin Pump On The Equivalent Of A US-Wide Bank Listing?
Bitcoin price is trading sideways after several months. The asset’s halving is now in the past, and the asset’s physical counterpart, gold, has been soaring for the same reasons BTC is supposed to.
Yet the cryptocurrency isn’t moving until someone strikes a match and lights the fuse. An explosive move is expected, and it may finally be here following this groundbreaking news.
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When cryptocurrencies are listed on Coinbase or Binance, they often pump sky high due to the nod of support and sudden interest from new customers. Could the same thing happen now to Bitcoin and crypto now that every bank in the US has the green light to provide crypto custody?
The barrier to crypto adoption has long been the bewildering Bitcoin and blockchain interface. Front-end and second-layer technologies are needed for the mainstream to take notice. Proper and familiar faces to store crypto with is another important factor.
All of this is now coming together, just as Bitcoin looks to be breaking out of its long-term price pattern, and continue its long-term uptrend.
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