One of the world’s largest banks, Bank of New York Mellon (NYSE: BK) with around $ 41 trillion in assets said it would begin funding bitcoins and other digital currencies. The bank will eventually allow digital currencies to flow through the same financial network that it uses for more traditional financial assets.
Simon Peters, an analyst on the eToro trading platform, noted that bitcoin and other cryptocurrencies will sooner or later be included in the number of generally accepted financial assets. The analyst expects the demand for cryptocurrency to grow by the end of this year and the price of bitcoin will reach at least $ 70,000.
US Treasury Secretary Janet Yellen said the illegal use of cryptocurrencies is “an increasingly significant problem,” noting, however, that she sees the technology behind cryptocurrencies as promising.
According to technical analysis, the breakdown of the historical high of 48200 will open the way to the psychological level of 50,000. In case of consolidation below 44000, a decline to 40800 is likely.