Cryptocurrency market update: Bullish fireworks as Morgan Stanley looks into Bitcoin (BTC) trading services
|- Morgan Stanley “will deal in contracts that give investors synthetic exposure to the performance of Bitcoin.”
- Bitcoin is testing $6,500 while Ethereum has broken above $200.
The last one week has seen the cryptocurrency market decline to 2018 lows following the prevailing bear trend. Bloomberg reported that $640 billion has been lost in a period of 9 months, besides the downward trend seems to be far from over. However, most coins and altcoins have seen a nice comeback from the lows traded on Wednesday. The market has also made an incredible recovery, although the total market capitalization is still limited below $200 billion, particularly $198 billion at the time of press.
Significantly, the bullish breather comes at the time the market is getting a sniffing the news that one of U.S. largest banking institutions, Morgan Stanley is considering starting Bitcoin trading for its clients. The news first appeared on Bloomberg and it cites anonymous yet credible sources. According to Bloomberg’s sources the bank “will deal in contracts that give investors synthetic exposure to the performance of Bitcoin.” In addition:
“Investors will be able to go long or short using the so-called price return swaps, and Morgan Stanley will charge a spread for each transaction.”
The news comes a week after another Wall Street player, Goldman Sachs reassured its clients that it is committed to the launch of a Bitcoin trading desk. The assurance came after fakes news said that Goldman Sachs had abandoned its plans due to the unstable regulatory environment.
Furthermore, another banking giant Citigroup was reported this week to have plans to launch Bitcoin trading products. All these firms intend to help their clients access crypto trading products while bringing market exposure closer to them.
At the time of writing Bitcoin is trading at $6,492 after a 2.69% rise on the day. The crypto is likely to step above $6,500 in the short-term. Ethereum is also on an upward roll after recovering from the lows below $170. ETH/USD is up 12% on the day and trading at $206.
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