There will be a lot of change in the price of Bitcoin if a banking titan like Citigroup plans to trade Bitcoin futures. With approximately $1,795.1 billion in assets under management, Citigroup, or Citi to its friends, ranks 12th out of the top 30 largest companies in the world.
According to CoinDesk: Citigroup Plans to Trade Bitcoin Futures
According to CoinDesk, an unnamed source at the bank has informed the publication that Citigroup is currently facing a significant increase in requests for BTC cash-outs from its customers.
Citi, according to the same source, would like to follow in the footsteps of Goldman Sachs and other banks that have already taken this step. Therefore, the banking giant Citigroup plans to trade Bitcoin futures.
A Citigroup spokesman told CoinDesk via e-mail:
Our clients are increasingly interested in cryptocurrencies, and we are watching developments. Given the many questions about the regulatory environment, supervisory expectations, and other factors, we are being very careful in our approach.
Before offering Bitcoin to its customers permanently, Citigroup is seeking approval from the Securities and Exchange Commission. As a result, this company now joins the long list of conservative financial institutions which have entered the crypto market before.
We are currently looking at products such as futures for some of our institutional clients as they operate within a strong regulatory framework.
Not only Citigroup plans to trade Bitcoin futures, more and more banks want to enter the crypto market.
What is the Future of Bitcoin at Major Traditional Banks?
Recently, JPMorgan and Wells Fargo submitted applications with the SEC to allow them to offer BTC. The news about this has been covered recently on our site.
Coinbase Exchange recently announced a partnership with Mitsubishi UFJ (MUFG) Financial Group, which will allow customers to access its exchange platform exclusively through the bank.
Furthermore, the Bank of New York Mellon (BNY Mellon) announced it will support the launch of Pure Digital, a new London-based cryptocurrency exchange, which will also operate in the near future. This is the first major Bitcoin trading platform in the U.K. to be backed by a consortium of leading banks.
In anticipation of the future of Bitcoin at major traditional banks, Jason Vitale, global head of BNY Mellon and Markets (FX) said at the time:
Digital assets are only going to get stronger in global markets in the coming years, and this collaboration is about building capacity to provide digital assets to all customers.
This is an example of one of the world’s largest banks which has significantly increased its cryptocurrency business over the past few months. In June, Citi announced the formation of the Blockchain and Cryptocurrency Business Team at the beginning of the year.
As another example of the increasing adoption of cryptocurrencies, it is worth noting that a Wall Street giant has completely turned over its mining operations to Bitcoin.
Bitcoin appears to reach $50,000
Analyst Will Clemente, who lost $47,000, was also optimistic after his loss. He warned earlier on August 24, 2021, that currency inflows and whale wallet activity point to a possible short-term bearish pullback. Clemente said in a tweet after yesterday’s correction, “most of this short-term move is probably over now.”
After Bitcoin consistently breaks through the $50,000 to $51,000 mark, will a new bullish wave begin? There is institutional support in the United States and in Europe for this possible new bullish rally. In Europe, there will be the first euro-trading futures contracts for Bitcoin.
Whether the Bitcoin price is in great shape or experiencing turbulence, our guide offers you the opportunity to increase your chances of successfully making a profit with Bitcoin trading.