"Finally BTC is up, I hope it doesn't fall."
The price of cryptocurrency king Bitcoin (BTC) broke through $28,000 as Germany's largest bank, Deutsche Bank AG, reportedly sought permission from regulators to offer digital asset custody services.
As well as wanting to increase the fee income of its corporate unit, David Lynne who runs the lender's commercial banking unit also said that the move is aimed at increasing income for its subsidiary DWS Group.
Please note that Deutsche Bank is acting at the right time as the increasing participation of institutional players in the crypto market will cause custodial solution providers to surge as well.
Plus big players like BlackRock and Fidelity have already shown their desire to make an entry into the crypto market.
It is well known that Deutsche Bank acted in such a way after a few months that the bank faced a liquidity crisis in March during the collapse of Credit Suisse, however it has come back strong after going through various challenges.
In addition, German regulators are also working to ease the rules for staking and crypto lending while regulatory developments are further streamlined with the introduction of the MiCA law.
In fact, the price of BTC also saw a strengthening when the non-custodial crypto exchange EDX Markets supported by several Wall Street firms such as Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigma, Sequoia Capital and Virtu Financial started trading.
As of this writing, BTC price has surged by 6.30% to $28,783 in the last 24 hours with a market cap of $558 billion and a further 10.80% increase over the last week.
