The banking giant plans to launch a Bitcoin trading desk, sponsoring different investment contracts that are tied to the price of Bitcoin. The bank hopes to eventually trade actual Bitcoin in the future.
The news has many bulls predicting that the crypto coin will easily return to its all-time high of around $20,000 before the end of 2018.
Here is a recap of the top five cryptocurrencies by market cap as of 2:00 p.m. EST.
|Cryptocurrency||Market Cap||Price||Change (24h)|
|Bitcoin Cash (BCH)||$25,731,071,044||$1,503.90||-0.24%|
Now here's a closer look at today's Money Morning cryptocurrency insight, as well as the most important cryptocurrency updates you need to know…
Money Morning Cryptocurrency Insight of the Day
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The Top Cryptocurrency Stories for Friday
- Richard Branson spoke out against the "worrying" trend of cryptocurrency scams around the globe that use his likeness. Branson is concerned that many people have claimed that he endorsed certain cryptocurrency schemes. "While I have often commented on the potential benefits of genuine Bitcoin developments, I absolutely do not endorse these fake Bitcoin stories," Branson wrote on his company blog.
- The price of Ethereum popped more than 11% overnight before pulling back. The rally came after legal analysts said that the laws of the U.S. Securities and Exchange Commission do not classify Ethereum as a security. "We spent a tremendous amount of time with lawyers in the U.S. and in other countries, and are extremely comfortable that it is not a security; it never was a security," Ethereum co-founder Joseph Lubin said this week.
- Is the U.S. Federal Reserve going to create a rival cryptocurrency to Bitcoin? A former Federal Reserve governor said that global central banks need to get involved in the rush of cryptocurrencies. Kevin Harsh – who was recently in consideration to become the chair of the U.S. central bank – said that if he headed the central bank, he would have appointed a team to consider "the Fed creating FedCoin, where we would bring legal activities into a digital coin."
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