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Crypto Custody News from Deutsche Bank Lifts Bitcoin and Ether

Crypto Custody News from Deutsche Bank Lifts Bitcoin and Ether

Bitcoin and other major cryptocurrencies increased in value during Friday’s trading operations in Asia. Bitcoin traded above $26,500, while Ether surpassed $1,600. Among the top 10 non-stablecoin cryptocurrencies, TRX, the token of the Tron network, was the best performer with a 24-hour gain of over 3%. 

The crypto market rally coincided with a statement from Deutsche Bank, the largest German bank, that it would offer crypto custody services. Meanwhile, U.S. stock futures rose slightly after a positive close on Wall Street on Wednesday, following strong economic data from the United States.

Bitcoin Closed the Week on High

Bitcoin gained 1.49% in the last 24 hours and reached $26,610.48 in Hong Kong, according to CoinMarketCap data. The leading cryptocurrency also rose 1.60% for the week and touched $26,774.62 on Thursday evening, the highest price since Aug. 31.

Investor sentiment has improved this week, as reflected by the rise of Bitcoin. The open interests in Bitcoin derivatives, which measure the amount of contracts that have not been settled, reached about 7.525 billion by Wednesday’s end. This was the highest level since Aug. 31. Ether derivatives also showed a similar trend, with open positions reaching around 3.7 billion.

Bitcoin Closed the Week on High, ether derivatives moves up

Ether, the second-largest cryptocurrency by market capitalization, increased 1.38% in the last 24 hours and traded at $1,629.33, according to data. However, Ether was still down 0.95% for the week.

The crypto market was boosted by the news that Deutsche Bank, a German bank with US$1.4 trillion in total assets at the end of 2022, will offer custody services for cryptocurrencies and tokenized assets to institutional clients. The bank will partner with Taurus, a Swiss fintech firm that provides blockchain infrastructure and digital asset solutions, according to a press release on Thursday.

The rest of the top 10 non-stablecoin cryptocurrencies also increased in value in the last 24 hours. The best performer was TRX, the token of the Tron network, which gained 3.46% to $0.08388 and rose 6.15% for the week.

The total value of the crypto market increased 1.27% in the last 24 hours and reached $1.06 trillion, according to CoinMarketCap data. The total trading volume also went up 3.00% to $28.28 billion.

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