12.02.202103:50 Forex Analysis & Reviews: Cryptocurrency for everyone: the oldest bank of US BNY Mellon will conduct operations with digital assets

The cryptocurrency market, after a slight decline, began to strengthen its position again and grow in price. The euphoria after the news from Elon Musk has already faded, but bitcoin continues to grow and on February 11 sets a new historical high, rising by 4% over the past day. The cost of the main cryptocurrency reached the mark of $48.4 thousand. The reason for this growth was the news about the launch of operations with the Bank of New York Mellon and Mastercard cryptocurrencies.

Even though large investment companies in America have already shown interest in cryptocurrency, the US Securities Commission quite categorically considers applications for the ability to conduct operations with digital money. Everyone thought that Visa and Tesla would launch the necessary wave of interest, but few could have predicted that the largest and oldest US bank would start working with cryptocurrency. The financial giant is already developing the necessary software for working with cryptocurrencies, which will be available this year.

Against the background of this news, the value of bitcoin soared by 4%, which indirectly affected other coins. The cryptocurrency market is steadily growing in price, with small drawdowns, for the second week in a row. Large investors are showing increasing interest in bitcoin, which will become a flagship in the assimilation of the crypto market and global financial institutions. Given that these announcements are of a long-term nature, in the near future we should expect new historical highs in prices for other cryptocurrencies.

The interest of retail and large investors, as well as the development of software for the introduction of crypto coins in global financial institutions, makes the interest in the crypto market more conscious and not spontaneous. In turn, this affects the dynamics of rising and falling prices, price correction and the flow of investment. Together, all these factors can affect the high volatility of the cryptocurrency, which will be the main step in the introduction of these assets in financial transactions at the household level.