• Bitcoin prices returned to the green after dipping on Thursday.
• Singapore asset management firm Cobo has announced the launch of separate custodian, clearing, and settlement services for cryptocurrency trading.
• The S&P 500, gold, and Treasury Yields all posted losses on Thursday.
Bitcoin Returns to Its Winning Ways
After a brief dip on Thursday, bitcoin prices are back on the rise, buoying the cryptocurrency market and encouraging investors to keep buying. The largest cryptocurrency by market capitalization was recently trading at about $21,190, up 1.6% over the past 24 hours, as investors shrugged off the latest fallout from disgraced crypto exchange QuadrigaCX.
The positive news of the day was that Singapore asset management firm Cobo has announced the launch of separate custodian, clearing, and settlement services for cryptocurrency trading. This is a key tenet of traditional finance, and Cobo’s move signals a move towards greater maturity for the still nascent crypto market.
The traditional financial markets did not fare as well on Thursday, as the S&P 500, gold, and Treasury Yields all posted losses. The S&P 500 fell by 0.8%, gold dropped by 0.4%, and the 10-year Treasury Yield was unchanged.
The news of bitcoin’s return to its winning ways is encouraging for the crypto markets, and many investors are feeling optimistic that the digital currency is on the cusp of a sustained rally. The introduction of a distinct custodian and settlement network for crypto trading by Cobo is likely to further fuel the rally, as the platform provides investors with more assurance of secure transactions and a greater degree of trust in the crypto market.
Overall, Thursday was a positive day for cryptocurrency traders, as bitcoin prices returned to their winning ways and Cobo announced a major step towards greater maturity for the crypto market. With traditional markets posting losses and uncertainty still surrounding QuadrigaCX, the crypto markets are providing a much-needed source of optimism for investors. If this trend continues, then the future of the crypto market looks brighter than ever.