Key Insights
- BTC holdings in corporate America reveal the accelerating pace at which institutions are adding Bitcoin to their treasuries.
- PNC bank and Coinbase collaborate to allow private clients to engage in BTC trading within their bank accounts.
- US banks receive greenlight for crypto engagements from the Office of the Comptroller of the Currency (OCC)
While the market waits for cryptocurrencies to recover, the latest Bitcoin news reveals more details about the state of adoption.
The changing regulatory landscape and shifting sentiment have favored the crypto market this year. The impact was particularly noteworthy on the Bitcoin treasury companies’ front.
Bitcoin treasury balances grew exponentially in the last 2 years. Most of the top companies currently holding Bitcoin in their balance sheets held less than 250,000 BTC in December 2023.
Their balances have more than doubled since then.
The exponential rate at which these companies have been buying BTC reflects the positive Bitcoin news, especially the changing laws around cryptocurrencies.
This also reflected on the cryptocurrency’s price action during the same period and may continue to influence price movements.
Bitcoin News: Major U.S Bank Makes Bitcoin News Headlines Courtesy of its Collaboration with Coinbase
Major U.S banks are embracing Bitcoin, and PNC Bank is among the latest to go down that road.
The bank, which has over $320 million in assets under management (AUM), has reportedly teamed up with Coinbase to offer Bitcoin trading services directly to its clients.
This development means PNC Bank will allow more than 13 million of its customers to access Bitcoin directly through their bank accounts. Coinbase will make this possible through its crypto-as-a-service infrastructure.
This was not the only banking-related Bitcoin news this week, highlighting how the banking industry is adopting crypto.
A letter from the Office of the Comptroller of the Currency (OCC) was published on Tuesday. The letter revealed that banks in the U.S are now allowed to engage in crypto trading activities.
This was a landmark development considering that the banking industry demonized cryptocurrencies two years ago.
The development may also unlock more trading volumes for Bitcoin and other cryptocurrencies while eliminating previous barriers to entry.
In other words, banks embracing crypto trading will allow more access, which could, in turn, unlock heavy liquidity flows in the coming months.
Institutions are also embracing Bitcoin in their operations. One of the best recent examples is Walmart, which will reportedly accept Bitcoin through OnePay Cash. This means users can pay for shopping through cryptocurrencies like Bitcoin.
Why Crypto Trading Through Banks Could be a Game-Changer
The fact that banks are increasingly involved in crypto trading is great news, especially for adoption. It means cryptocurrencies are going mainstream, and it could enable anyone to invest in digital assets.
Bank account holders will be able to access exposure to Bitcoin and Ethereum with ease, and without the steep learning curve.
This is because banks will offer custodial services for digital assets similar to traditional banking services.
Heavy retail flows are likely to occur, especially now that banking services are extending to cryptocurrencies.
This move may also make it easier for institutions to engage in crypto trading, hence enhancing Bitcoin trading volumes and liquidity flows.
The Bitcoin news about banks embracing crypto trading suggests that liquidity inflows are likely to increase moving forward.
Bitcoin price has been showing signs of accumulation, judging by its bullish bias in the last 2 weeks.