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Bitcoin Leads Crypto Market Rally, Skyrocketing To Five-Month High After Big Bank Embrace

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U.S. Bank says clients are 'getting very serious' about cryptocurrencies, while Bank of America says they're 'too big to ignore.'

Though it's still about 15% below an all-time price high in April, the world's largest cryptocurrency far outpaced gains in the market on Wednesday, with ether, Cardano's ada and binance coin climbing about 6%, 2% and 1% over the past 24 hours, respectively.

In a Wednesday note, Freddie Evans, a sales trader at digital asset broker GlobalBlock, attributed part of the price momentum to U.S. Bank, the nation's fifth-largest bank by assets, on Tuesday it has launched a bitcoin custody service to help investment managers store private keys for bitcoin, bitcoin cash and litecoin.clients are"getting very serious about the potential of cryptocurrency as a diversified asset class" and also doubled down on expectations for growing institutional adoption, adding:"I don’t believe there’s a single asset manager that isn’t thinking about it right now.

Meanwhile, Matt Senter, the chief technology officer of bitcoin shopping app Lolli, said in an email that current economic conditions—marked by

 

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The future is now! Away with fiat, crypto is the new king

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