Hi there and welcome as always to today's edition of Overbit Insights. Cryptocurrency leaders like Bitcoin and Ethereum continue to stay in their ranges above all-time highs, while much of the altcoin market begins to regain losses from a nearly three-year bear market. By all measures, this cycle appears massively bullish at this point in time, with some market participants growing weary of the increased speculation deeming it as "top signals". Despite these claims, it seems the bullish case for Bitcoin and cryptocurrency as a whole continues to grow stronger every day and not the other way around.
The most recent name to strengthen crypto's case comes from an unlikely place, the oldest bank in the United States - Bank of New York Mellon Corporation (BNY). On Thursday, 11 February, news broke from the Wall Street Journal that BNY would soon begin offering cryptocurrency services for its clients and customers, such as custody, transfers, and potential issuance. Chief Executive of their digital services arm Roman Regelman stated the decision plainly: "Digital assets are becoming part of the mainstream," he said.
It's important to note that the bulk of BNY's business comes from the custodianship, as they are the ones responsible for holding, managing and tracking other asset managers' funds. This decision for BNY to roll out Bitcoin is a largely influential one. This will give an onramp for billions of institutional dollars to flow into the cryptocurrency ecosystem and accelerate the buying spree by many institutions.
Heading into our second story of the day is Apple, the tech giant, allowing cryptocurrency platforms to issue debit and credit cards on their payment system Apple Pay. This decision comes after a recently issued report on Monday by RBC, suggesting that Apple will enter the crypto industry by providing a wallet for the 1.5 billion users of its devices. The impact of the world's largest tech company providing other infrastructure for crypto is historic and is hard to overstate.
The first company joining Apple Pay is BitPay, the world's largest Bitcoin and cryptocurrency payment services provider. Their CEO stated, "We have thousands of BitPay Wallet app customers using the BitPay Card who are always looking for new places and ways to spend their crypto,". Customers who are waiting on delivery of their plastic card can add their virtual card to Apple Wallet and can start spending immediately.
All in all, crypto is here to stay, and with the world's largest companies backing this nascent industry, it's hard not to be bullish. During times of bull markets it's important to practice risk management, and make sure to visit Overbit.com for all your trading needs. Thanks for reading this edition of Overbit Insights and we'll see you next week.