- Bitcoin surged today after reports that State Street and Citi Bank will start offering crypto custody services in the U.S
- BTC reached $98,849 during its daily peak before experiencing a retraction
- The Federal Reserve recently lifted a rule that prevented financial institutions from offering crypto custodian services to Americans
The world’s largest cryptocurrency by market capitalization showcased a modest resurgence in value, following positive developments that benefitted the market.
Today, Bitcoin reached its highest value since February 7th, as buyers led the asset upwards of the $98,000 margin. Precisely, BTC reached $98,849 during its daily peak, before experiencing a retraction.
Currently, the currency is up by 1.28% according to CoinMarketCap. This most recent surge led Bitcoin to hit winning status on the weekly chart, reverting from a negative performance over the week and is now up 1.23% over the last seven days.
Why Bitcoin is Up Today
Bitcoin went up today after reports that two of the largest banks in the world will start offering crypto custody services in the U.S. On February 14, The Information reported that State Street and Citi Bank are launching a new service as custodians of cryptocurrency holdings.
This development comes just a month after the Federal Reserve lifted the rule that prevented financial institutions from offering crypto custodian services to Americans.
State Street is today the largest custodian bank in the world, holding over $44 trillion in assets. Meanwhile, Citi Bank holds around $2.3 trillion.
In all likelihood, we expect to see more financial institutions joining the trend of offering custody services for Bitcoin and Ethereum. Firms like BNY Mellon had already received regulatory approval to begin to offer crypto custody services, with more companies expected to follow the same path.
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