Bitcoin: Millions of Americans will soon have access to BTC purchases
Bitcoin is stuck in a sideways range, while many altcoins are showing outperforming growth.
Meanwhile, hundreds of American banks will soon offer their customers access to the first cryptocurrency.
In recent weeks, the cryptocurrency Bitcoin has been stuck in the range of $48-58 thousand, although it has doubled in price since the beginning of the year.
Currently, the first cryptocurrency looks less attractive for investment compared to its main competitors due to its significant overbought status. The high concentration of long positions in the futures market is holding back the growth of Bitcoin.
In addition, purchases of less-capitalized altcoins put pressure on the BTC rate. The very season of altcoins and the fall in the share of Bitcoin in the crypto market is an important signal that the bulls are not yet ready for new records, experts say. However, the long-term outlook for Bitcoin looks positive.
Meanwhile, hundreds of US banks are preparing to provide customers with access to Bitcoin. Over the coming months, customers of some US banks will be able to buy, sell and store Bitcoin using existing accounts. Basically, these will be small banks with several branches.
To do this, the crypto-custodial firm NYDIG (New York Digital Investment Group) has entered into cooperation with the fintech giant Fidelity National Information Services (FIS).
FIS, which is a service provider for banks with almost 300 million current accounts, will handle connections with financial institutions, while NYDIG will provide storage and trading of cryptocurrency.
"This will make it easier for ordinary Americans and corporations to buy, sell, and store cryptocurrency through their mobile apps," said Patrick Sells, head of banking solutions at NYDIG.
Yang Zhao, president of NYDIG, said that banks themselves began to be interested in Bitcoin after they saw that their customers were sending money to Coinbase and other exchanges.
In its own survey, NYDIG found that more people would be willing to hold Bitcoin if they could buy it in a bank without having to register on third-party platforms and transfer money to them.
In recent months, plans to launch Bitcoin-related products have been reported by major financial corporations such as Morgan Stanley, Goldman Sachs, and JPMorgan. But then it was about decisions on access to cryptocurrency for large players, and not for retail investors.