Weekly Market Wrap: Deutsche Bank’s crypto move propels Bitcoin to US$26,750
Bitcoin rose 3.08% from Sept 8 to Sept. 15, to US$26,625 as of 6:45 p.m. Friday in Hong Kong. The world’s largest cryptocurrency by market capitalization has been trading below US$30,000 since Aug. 9, according to CoinMarketCap data. Ether, the world’s second-largest cryptocurrency, rose 0.21% over the week to US$1,628.
German banking giant Deutsche Bank partnered with Swiss crypto firm Taurus to offer Bitcoin and crypto custody solutions to institutional clients, the Swiss firm announced on Thursday. This means that for the first time, the US$1.3 trillion asset manager will be able to hold a limited amount of crypto on behalf of clients and offer tokenized versions of traditional financial assets.
Bitcoin rose to a weekly high of US$26,750 on Friday, bolstered by the announcement from Germany’s largest lender, according to Phillip Lord, president of the crypto payment app Oobit.
“The trend towards more product launches and more geographical diversity in relation to cryptocurrencies is a fact, it is happening, whether in the Lion’s City, El Salvador, Germany, or the U.S.”
“Markets always do what they are poised to do, but never when. Hence, while we are optimistic about seeing the US$30,000 barrier soon, we wouldn’t make a clear projection that this would happen in the second half of September,” added Lord.
Last Friday, the U.S. Securities and Exchange Commission (SEC) appealed July’s summary judgment that said Ripple’s XRP sales to institutional investors violated securities laws, but sales on public exchanges to retail investors did not.
“It seems that the SEC is quite unhappy with the summary judgment and is trying to exhaust all means to get a ruling in its favor,” Jonas Betz, crypto market analyst and founder of consultancy firm Betz Crypto, told Forkast.
“It is a common legal procedure to try to challenge decisions, but in my opinion, it will come to nothing in this case. The XRP token may see higher volatility in the coming weeks, but a broad decline in investor sentiment is unlikely.”
