Bitcoin Price Touches US$58,000 Level Again, Bank Adoption Helped BTC to Bounce Back

Bitcoin price against the US Dollar (BTC/USD pair) has made a strong comeback after trading sideways for many days now. On Thursday, the price of BTC has touched US$58,000. The leading cryptocurrency in terms of market capitalization has been making gains since earlier this week. On Wednesday, the BTC price increased by 5% and hovered around the US$57,000 level. On Thursday, the BTC/USD pair jumped by another 4.4% and crossed the US$58,000 mark.

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Other altcoins notably Cardano (ADA) and Bitcoin Cash (BCH) also made significant gains on Thursday as their price jumped by 16% and 22% respectively. A popular trader Crypto Ed has rightly summarized the ongoing market phenomenon by saying:

“Good start of the day: both ETHUSD and BTC bouncing from the expected levels.”

With the recent gains, Bitcoin is again hovering just below the psychological resistance of US$60,000. Can it break above this resistance and then race towards its all-time high? The coming trading days will decide on that.

The Bitcoin adoption announcement by a large US bank has helped the BTC price to bounce back. In fact, the largest e-commerce company in Latin America, MercadoLibre, has bought and added US$7.6 million worth of Bitcoins to their balance sheet.

A crypto custody firm NYDIG has recently announced that they have partnered with fintech giant Fidelity National Information Services. This partnership will reportedly enable some of the leading US banks to allow their customers to buy and sell bitcoins. CNBC reports have confirmed that this announcement is yet another major step towards mainstream adoption of BTC.

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A filing of the United States Securities and Exchange Commission (SEC) has confirmed:

“As part of our treasury strategy this quarter we purchased $7.8 million in bitcoin, a digital asset that we are disclosing within our indefinite-lived intangible assets.”

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Currently, 6 corporate entities have at least 8,027 BTCs on their balance sheets, which is worth around US$11.4 million. MicroStrategy is the leading company having the maximum number of BTCs on its balance sheet. They have still now purchased more than 91,000 Bitcoins.

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