After several weeks of trading in narrow ranges, the leading cryptocurrency bitcoin spiked over $10,000 on Sunday for the first time since early June. In addition to suffering pricing blows due to the economic fallout because of the ongoing global pandemic, the leading cryptocurrency went through its third halving on May 11, which cut the rewards given to those who “mine” bitcoin to 6.25 new coins from 12.5 BTC.
The price of bitcoin nears $10,500 after a long time.
Since June, the price of the leading cryptocurrency bitcoin has surged over the $10,000 mark for the first time. In the ongoing economic crisis caused by the global pandemic, bitcoin has emerged as a safe heaven. The leading cryptocurrency bitcoin has come a long way since its inception almost a decade ago. At the time of writing, the price of bitcoin is trading at just below $10,300 mark. The price is expected to near $10,500 in the coming days.
The move in the price came after a rather uneventful weekly close, which witnessed the top-ranked digital asset on CoinMarketCap close above an important multi-year descending trendline. A few hours after the end, Bitcoin price found renewed strength and surged above the $10,100 resistance zone.
US regulator allows banks to offer crypto custody services.
As reported earlier, any national bank can hold onto the unique cryptographic keys for a crypto wallet, clearing the way for national banks to hold digital assets for their clients, Senior Deputy Comptroller and Senior Counsel Jonathan Gould wrote in a public letter dated July 22. The letter marks a major development for the crypto industry in the United States. Previously, custody was the province of specialist firms, such as Coinbase, which typically needed a state license to offer large investors the service of crypto custody.