Bitcoin moves of the largest banks in the USA continue. It has been claimed that the Bank of America, which is seen as the second largest bank in the country after Goldman Sachs, is also planning to start Bitcoin futures transactions, and even a limited number of customers have started these transactions.
Bank of America, one of the most important banks in the USA, is also starting Bitcoin futures. While banks, like many institutions, are cautious about Bitcoin, they are more open to futures transactions. It is stated that the reason for this is the high amount of margin required in futures transactions.
According to the news from the US media, which Coindesk based on two sources, whose names were not disclosed, a group of Bank of America’s customers is preparing to trade with futures Bitcoin contracts, and even a part of them took advantage of this service and even made transactions.
Bank of America will also use CME
As it will be remembered, after a 3-year closure period, another giant investment bank Goldman Sachs reopened its trading desk in March and allowed trading in Bitcoin contracts through the Chicago Mercantile Exchange (CME) in May. According to one of the news sources, Bank of America will also use CME futures for these transactions. No comment has been made yet from Bank of America.
There was an obstacle to Bitcoin in the past, but now…
The North Carolina-based bank, which established a research department on cryptocurrencies earlier this month, joined the network of stable crypto startup Paxos in May. In 2018, the bank completely banned its financial advisors and clients from investing in Bitcoin-related products, but like many institutions, this policy seems to have changed.
CME, which started Bitcoin futures transactions in 2017, also offered Micro Bitcoin products to its customers in May and aimed to benefit from the price rally of the largest cryptocurrency. Earlier this year, the exchange also ranked first among the largest Bitcoin futures platforms as part of institutional participation.
According to the information provided by Arcane Research, the open interest value in the Bitcoin futures market is currently around $ 11.3 billion. This figure reached its highest point on April 13 and was approximately $ 27.3 billion.