After dropping to its lowest level in terms of total market cap, the cryptocurrency market is on the rebound on Thursday, September 13, with reports that one of U.S. largest banking institutions, Morgan Stanley, is considering launching Bitcoin trading services for its clients being the one of the major driving forces.
As of time of writing the total market cap of the digital assets was $201 billion, up more than $15 billion from the yesterday’s lows, with Bitcoin surging over $6,500 again. Most altcoins are seeing a nice recovery as well, with Ethereum, the second largest cryptocurrency, being the one to gain some remarkable traction specifically.
ETH/USD price action had formed a bearish pennant formation, of which the price slipped out of, dropping to the lows on Wednesday at $167.82. This was the lowest the price of Ethereum has traded since September 2017; however it saw a large rally on Thursday, jumping more than 17% to $203.65
Monero (XMR) is among the biggest winners as well gaining almost 16% over the last 24 hours. At press time XMR was changing hands at $115.03.
The bullish sentiment comes at the time when news broke out Morgan Stanley is considering starting Bitcoin trading for its clients. The report first appeared on Bloomberg, and according to the publication’s sources, who asked not to be identified because the information is private, inbestors “will be able to go long or short using the so-called price return swaps, and Morgan Stanley will charge a spread for each transaction.”
It is said the bank is already technically prepared to offer the Bitcoin swap trading, and will launch the service once there is proven institutional client demand and after the completion of an internal approval process.
Morgan Stanley does not plan to trade Bitcoin directly and its swaps are tied to Bitcoin futures contracts, the soutce said. Chief Executive Officer James Gorman said earlier this year that the bank wouldn’t let customers buy and sell cryptocurrencies directly through Morgan Stanley, but would instead build a trading desk to support various derivatives tied to digital assets.
Today’s news follows reports that Nasdaq, the second largest stock exchange in the world after NYSE, is preparing to add tools to predict the price movements of crypto assets to its Analytics Hub.
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