March 28, 2024

Bank of America Launches Bitcoin Futures

Bank of America Launches Bitcoin Futures

The second largest bank in the United States has allowed certain categories of clients to trade Bitcoin futures. Fortrading these instruments requires a largemargin, so now only some clients have access to them. Some of them could already try out the new tool. This was reported by Coindesk with a link to anonymous sources.

Following Goldman Sachs

Most traditional financial institutions are suspicious of the cryptocurrency sector, but in the face of growing demand they are forced to change their attitude towards the new asset class.

Goldman Sachs recently announced a relaunchplatforms for trading cryptocurrencies. The bank closed it three years ago under pressure from regulators. Additionally, in May, Goldman began independently trading Bitcoin futures on the Chicago Mercantile Exchange (CME).

Previously, the bank said that Bitcoin is not suitable for a retail investor.

Bank of America also plans to usefutures on CME. These tools were launched in 2017. In May, at the height of the bullish rally in the cryptocurrency market, the exchange offered a new product - microfutures for Bitcoin.

According to the latest data, open interest in the Bitcoin futures market is $11.3 billion, which is almost 60% below the all-time high reached on April 13 at $27.3 billion.

Market reaction

Following the news from Bank of America, in a fewhours bitcoin gained $ 1,000, rising from the psychologically significant area of ​​$ 31,000 to resistance at $ 32,000. However, the bullish momentum was not enough to get out of the range. At the time of writing, BTC / USD is trading near $ 31,500.

Bank of America Launches Bitcoin Futures

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Over the past 24 hours, cryptocurrency has beenunsuccessfully tried to break through the local resistance of $32,000. The technical picture suggests the possibility of growth, provided that the price consolidates above the local support of $31,300.

Where is it more profitable to buy bitcoin? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) https://binance.com 9.7
2 Bybit https://bybit.com 7.5
3 OKEx https://okex.com 7.1
4 Exmo https://exmo.me 6.9
5 Huobi https://huobi.com 6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability&#8212; stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
  • Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
  • Feedback and support– we analyze user reviews and the quality of technical support.
  • Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • Platform Features– availability of additional features &#8212; futures, options, staking, etc.
  • final grade– the average number of points for all indicators determines the place in the ranking.

Bank of America Launches Bitcoin Futures

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