Flagship crypto, Bitcoin, recorded impressive gains following a brighter economic forecast from the world’s most powerful central bank, which hints at a possible interest rate hike in two years’ time if America’s employment and economic parameters continue to improve.
Data from the FTX exchange revealed that Bitcoin traded at $59,024.56 with a daily trading volume of $60.4 billion. Bitcoin is up 4.97% for the day.
Retail buyers are increasing their stake in the world’s most demanded crypto, taking into credence credible financial brands are keying into the 12-year old financial asset for more exposure.
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Recall some hours ago, Morgan Stanley’s wealth management with about $4 trillion in client assets, informed its financial advisors through an internal memo that it was starting access to three funds that enabled ownership of the flagship crypto.
Such a feat is going to boost the world’s most popular crypto asset in the near term at least on the account that a leading investment bank with a massive global footprint is providing its clients exposure to Bitcoin.
However, it is critical to note the New York-based investment bank is only allowing its wealthier clients access to the volatile crypto, as customers with about $2 million by asset qualify for such access.
That said, recent data suggest that the scarcity of the flagship crypto up for sale is diminishing as Bitcoin balance on exchanges continues to decline, down by -20% since the 2020 March peak.
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Bitcoin balance on exchanges continues to decline, down by -20% since the 2020 March peak.
chart: @glassnode pic.twitter.com/ddsfYqiwCm
— unfolded. (@cryptounfolded) March 11, 2021
