Bitcoin Trading
Singapore's DBS Bank to Launch Bitcoin and Crypto Options for Institutions
Published
2 months agoon
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adminDBS, Singapore’s largest bank, announced it would begin offering over-the-counter (OTC) options trading and structured notes linked to Bitcoin and crypto for institutional clients.
JUST IN: 🇭🇰 Singapore's largest bank, DBS to launch #Bitcoin and crypto options trading. pic.twitter.com/lnres4MdMw
— Bitcoin Magazine (@BitcoinMagazine) September 17, 2024
As a leading Asian financial institution with over $360 billion in assets under management, DBS is the latest major traditional bank to embrace Bitcoin-linked financial products.
Starting in Q4 2024, eligible institutional investors and accredited DBS Private Bank clients can access tailored Bitcoin and crypto exposure through the OTC options. This follows the rising demand from professional investors allocating to Bitcoin and crypto.
“Professional investors are increasingly allocating to digital assets in their portfolios. Now, our clients have an alternative channel to build exposure to the asset class and incorporate advanced investment strategies,” said a DBS executive.
The news comes as more financial giants launch Bitcoin and crypto offerings after the success of Spot Bitcoin ETFs in the US this year. Earlier last month, CME Group also announced, they will further expand its Bitcoin and crypto derivatives offerings with the introduction of Bitcoin Friday futures (BFF).
Moves by leading banks like DBS will further legitimize Bitcoin as asset classes for institutional investors in Asia and worldwide. Many believe the wider availability of Bitcoin investment vehicles from reputable providers will accelerate mainstream adoption. If other major Asian banks follow DBS’s lead, it could significantly expand regional access to Bitcoin.
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Germany's Commerzbank and DZ Bank To Offer Bitcoin and Crypto Trading
Published
2 months agoon
September 19, 2024By
adminGermany’s two of the largest five banks, Commerzbank and DZ Bank, are launching Bitcoin and crypto trading services amid growing institutional demand.
JUST IN: 🇩🇪 $500 billion Commerzbank to offer #Bitcoin and crypto trading. pic.twitter.com/KrOCOx5N9P
— Bitcoin Magazine (@BitcoinMagazine) September 19, 2024
Commerzbank, the country’s second-biggest bank by number of branches, signed a deal with Deutsche Boerse’s subsidiary Crypto Finance to provide trading access for corporate clients. DZ Bank, the nation’s number two lender, is enabling its 700 cooperative banks to offer Bitcoin and crypto trading via a tie-up with the Boerse Stuttgart exchange.
The moves come just weeks after Zurich Cantonal Bank in Switzerland began offering retail Bitcoin and crypto services. Major banks worldwide are increasingly embracing Bitcoin and crypto following the successful launch of the first U.S. Bitcoin ETFs.
“Our offering in digital assets enables our corporate clients to seize the opportunities presented by Bitcoin and ether for the first time,” said a Commerzbank executive.
DZ Bank and Commerzbank represent over $1 trillion in combined assets under management. Their entry significantly expands mainstream access to Bitcoin in Europe’s largest economy. DZ Bank’s head of trading said professional investors are rapidly allocating to Bitcoin and crypto, making regulated services crucial for portfolio diversification and risk management.
The moves are a milestone for Bitcoin’s integration into European finance. With leading banks providing access, Bitcoin is now going more mainstream.
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Bitcoin
Analyst Predicts New ‘Blood Monday’ With 0.50% Fed Rate Cut Looming
Published
2 months agoon
September 17, 2024By
adminAs Bitcoin (BTC) grapples with a challenging market environment, it has struggled to regain momentum, hovering around the $53,000 and $60,000 levels for six consecutive weeks.
After losing the crucial $70,000 threshold on August 1, the largest cryptocurrency remains at risk of further declines, particularly with the upcoming Federal Reserve (Fed) meeting on September 18, where a 0.50% rate cut could significantly impact its price.
BTC’s Future Hangs In Balance
Recent insights from crypto analyst Doctor Profit suggest that the market is closely divided, with equal chances—50%—of a 0.25% or 0.50% rate cut. However, Doctor Profit is confident that the Fed will opt for the larger cut, citing a need for decisive action in the current economic climate. He notes, “A 0.25% cut is simply too little for where we are now.”
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The analyst argues that failing to implement a 0.50% cut could lead to market turmoil reminiscent of the “Blood Monday” experienced on August 5, which saw Bitcoin plummet to lows of $48,900, resulting in a nearly 25% price drop.
According to Doctor Profit, this could include acknowledging the Fed’s past strategies and an optimistic outlook for the economy, potentially paving the way for future rate cuts.
Given these potential scenarios, the analyst warns of the potential for market manipulation and “scam wicks” that could mislead investors on both sides of the trade. In addition, geopolitical tensions, particularly regarding the Israel-Lebanon situation, add another layer of complexity and may exacerbate market fears and volatility.
Despite the short-term risks, Doctor Profit remains bullish on Bitcoin’s long-term prospects, particularly through the end of Q3 2025.
The analyst believes that any short-term panic will ultimately be countered by a return to expansive monetary policy, as seen in the recent influx of USDT and other cash injections into the market. He highlights that once the rate cuts are implemented, the Fed’s money printing will likely resume, providing a foundation for recovery.
Bitcoin Price Analysis
Looking deeper into the current price action, analyst Ali Martinez recently noted that Bitcoin trades within a parallel channel on the hourly chart.
Martinez contends that Bitcoin could bounce back to the middle or upper levels if the lower border holds, targeting $60,200 or $62,000. However, Martinez warns that a break below the support level of $58,100 could lead to a drop towards $55,000.
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Zooming out to a broader perspective, Martinez also highlights concerning trends in Bitcoin’s Market Value to Realized Value (MVRV) Momentum. Since breaking below the $66,750 mark in June, Bitcoin has been in a downtrend, and this negative trend has yet to show signs of reversal.
To invalidate this indicator, BTC needs to break above this level and reclaim it as support, which could signal the continuation of an expected rally towards the all-time high of $73,700 reached in March this year.
When writing, the largest cryptocurrency on the market is trading at $58,440, recording losses of over 3% in the 24-hour.
Featured image from DALL-E, chart from TradingView.com
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Switzerland's Fourth Largest Bank ZKB Launches Bitcoin Trading
Published
2 months agoon
September 4, 2024By
adminZürcher Kantonalbank (ZKB), Switzerland’s fourth-largest bank, has begun offering its clients Bitcoin and crypto trading and custody services. With over $290 billion in assets under management, ZKB provides services to retail, corporate, and institutional clients.
JUST IN: 🇨🇭$290 billion Zurich Cantonal Bank launches #Bitcoin and crypto offerings. pic.twitter.com/ILUTSHWn8V
— Bitcoin Magazine (@BitcoinMagazine) September 4, 2024
ZKB now allows clients to trade and hold Bitcoin and crypto through its mobile app, online banking, and traditional channels. The bank partnered with Deutsche Börse-owned Crypto Finance AG for brokerage services and developed its own custody solution.
The move reflects the country’s openness to Bitcoin, and cements ZKB as one of the largest mainstream financial institutions to embrace Bitcoin. Switzerland has taken a relatively positive stance on Bitcoin and crypto, including the Swiss National Bank, revealing it held shares in MicroStrategy.
The launch comes as more major financial players adopt Bitcoin and crypto offerings amid Bitcoin’s surge in legitimacy. In the U.S., the successful debut of Bitcoin ETFs has accelerated institutional adoption. ZKB’s move may pressure other Swiss and European banks to provide Bitcoin services.
Banks worldwide, such as Hong Kong’s Futu and Standard Chartered’s Mox, have also recently launched Bitcoin and Bitcoin ETFs trading. This growing trend shows that traditional finance is increasingly embracing Bitcoin.
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