Bitcoin’s price exceeded $91,000 on Tuesday, signaling a strong recent recovery as major Wall Street financial institutions increase their investments in digital assets. Bitcoin’s trading volume reached $78 billion, marking one of the highest activity levels in the past month. The current price stands near $91,089, surpassing the week’s high of $89,966 and rising approximately 7% from last week’s low of $83,989. Its market capitalization has climbed to $1.79 trillion, reflecting recent institutional investments.
This robust growth comes as large banks and brokerages that were previously cautious about Bitcoin now regularly offer investment opportunities in the cryptocurrency. Bank of America has authorized its 15,000 wealth advisors to recommend crypto assets in allocations ranging from 1% to 4%, a significant policy shift that aligns the bank with the Bitcoin ETF era. This policy will take effect in January, with the bank initiating research coverage on four major Bitcoin ETFs.
Similarly, Vanguard, the world’s second-largest asset manager, has launched Bitcoin and crypto-linked ETFs and mutual funds on its platform, enabling over 50 million brokerage clients to invest in cryptocurrencies. Despite this recent surge, market uncertainty remains, as prices fell nearly 30% from $126,000 in October. Technical analysis indicates resistance at $91,400, and a drop below $84,000 could lead to further declines toward the $75,000 level. The Federal Reserve’s December meeting decisions, particularly regarding possible interest rate cuts, may also influence the crypto market’s direction.
Source: bitcoinmagazine
