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Cryptocurrency Market Update: Bitcoin price explodes on US banks’ crypto custody approval

  • The US Comptroller of the OCC gives national banks the go-ahead to offer cryptocurrency custody services.
  • The OCC says that banks must leverage technology and innovation to remain competitive.
  • Bitcoin price breaks out above $9,500, renewing the push towards the psychological $10,000.

Bitcoin price on Wednesday took advantage of the news that national banks in the United States had been given the regulatory green light to offer cryptocurrency custodial services. The move is regarded as one among the biggest in 2020 coming from the regulators in one of the world’s largest economies.

The announcement was made by the Office of the Comptroller of the Currency (OCC). The development highlights the regulatory progress in the nation. Moreover, other nations are likely to follow suit in a bid to ease the regulatory hurdles hindering crypto adoption the world over.

The cryptocurrency industry is likely to start seeing an increase in cash flow from both individual investors and institutional investors. In addition, regulated financial companies could also consider joining the industry as they diversify their custodial services. According to Brian Brooks, the acting Comptroller of the OCC:

This opinion clarifies that banks can continue satisfying their customers’ needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency.

Bitcoin price revives the bullish case to $10,000

Following the above news, Bitcoin extended the bullish leg commenced on Tuesday. Bulls cemented their position above two key barriers at $9,400 and $9,500. Fresh volatility saw investors start gazing at $10,000 but Bitcoin lost steam short of $9,600.

At this time, BTC/USD is flirting with $9,500. The bearish grip appears to be increasing, besides 0.38% in losses have already been encountered on Thursday. On the bright side, the price is holding significantly above the 50-day SMA. After limiting recovery since the beginning of June, the moving average will now function as a support line.

From a technical point of view, consolidation is likely to make a comeback but this time, Bitcoin could hold above $9,400 if not $9,500. The RSI is settling into a sidelong movement at 64 while the MACD sits slightly above the midline. If this technical picture remains unchanged, sideways trading would usher in the weekend session.

Read more: Bitcoin Price Prediction: BTC/USD $10,000 bull's eye – Confluence Detector

BTC/USD daily chart

BTC/USD price chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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