Market Wrap: Bitcoin Near $58K, Reverses Two-Day Losses Despite Lower Trading Volume

By CoinDesk4 days ago

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  • Bitcoin (BTC) trading around $57,775.92 as of 20:00 UTC (4 p.m. ET). Climbing 2.86% over the previous 24 hours.
  • Bitcoins 24-hour range: $55,639.58-$58,179.66 (CoinDesk 20)
  • BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.

After two days of losses, bitcoin ended Thursday in the green after markets closed in the U.S.

The gains came amid new signs of growing mainstream adoption of bitcoin and other cryptocurrencies.

State Street, the second-oldest bank in the U.S. with $3.1 trillion in assets under management, announced it is providing the infrastructure for a new bank-grade trading platform for digital assets set to go live mid-year and that it mighteventually use the system itself.

Related: Chinese Web Firm Meitu Buys $10M More in Bitcoin

Also, BNY Mellon, the worlds largest financial custodian, would be the service provider for a proposed bitcoin exchange-traded fund (ETF) offered by First Trust Advisors and Anthony Scaramuccis SkyBridge Capital.

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