Bank of America is allowing select individuals to trade Bitcoin futures, a significant step forward for a bank that has been conservative in its cryptocurrency operations thus far.
According to Coindesk, citing anonymous sources, a limited number of banking institutions are creating accounts to gain access to the cryptocurrency market, and a small number may already be operational.
Coindesk also reported that the Bitcoin futures require extensive margin, which tempts the Bank of America, making it a highly successful business choice.
CME futures, which were established in 2017 and have since grown to become one of the powerful Bitcoin futures trading platforms, are also used by the Bank. However, the bank authorities declined to comment.
According to Arcane Research, total open interest in the bitcoin futures market is $11.3 billion, down 59 percent from its April 13 peak of $27.3 billion, as reported by Coindesk.
Bitcoin’s price has increased by roughly 0.31 percent in the last 24 hours and is now trading at $31,843. BTC’s total market value is now hovering at $597 billion and has a market share of around 46.17 percent, according to Coinmarketcap.