New report reveals: Financial institutions bet big on cryptocurrencies

New report reveals: Financial institutions bets big on cryptocurrency

Image source: Shutterstock / Trijo News

Teodor Stig-Matz

It may lead to even higher prices on cryptocurrency.

Bitcoin is on a journey upwards that has not been seen for a long time, and today the world’s biggest cryptocurrency approached $13,000.

New numbers show what may be a clue to what led to the increase.

New report reveals

It is the company Genesis Capital, which lends cryptocurrencies to large institutional clients such as banks, that in a new report shows that financial institutions trade with cryptocurrencies two to three times as much as they did a year ago.

The fact that banks and other big players in the financial market are dealing a lot with cryptocurrencies shows increased confidence in the market, something Jehan Chu, co-founder of Kinetic Capital raised in an interview with CNBC earlier this week. This can, in turn, lead to even higher prices on cryptocurrencies, Cointelegraph reports.

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