Dozens of traditional currencies have explored the potential of digital currencies in the past few years; some of them are now leading the crypto market. And a shift in the interest seems to be followed by the surging adoption of cryptocurrencies globally.
DBS Bank’s recent announcement notes that it is planning to launch over-the-counter crypto options trading and structured notes for qualified institutional investors.
As per additional information, the bank is planning to introduce OTC options trading at the beginning of Q2 2024. Following the announcement, Jacky Tai, the head of trading and structuring, argues that the move is influenced by professional investors “increasingly allocating to digital assets in their portfolios.”
“Now, our clients have an alternative channel to build exposure to the asset class and incorporate advanced investment strategies to better manage their digital asset portfolios,” Tai added.
DBS press release states that “It is the first Asian-headquartered bank to offer financial products whose value is linked to the price of Bitcoin and Ethereum – the two largest cryptocurrencies by market capitalization.”
“The launch of these products comes against an approximately 50% growth in the market capitalization of cryptocurrencies in the first five months of 2024,” the release added.
Recent News Updates
Most recently, Todayq reported that crypto enthusiasts will soon see USDC on the Sui Network; as per speculation, the move is influenced by the surging adoption of cryptocurrencies, especially stablecoin globally.
Earlier on September 16, the CEO of Circle confirmed the relocation of USDC’s HQ to New York City. As per finance experts, the Circle ICO application might get approval from the U.S Securities and Exchange Commission soon.
MicroStrategy, the leading Bitcoin institutional holder has expressed its plan to buy more BTC; by gathering funds. The company has marked several milestones in the cryptocurrency sector; its CEO holds a chunk of Bitcoins.
Director of the Bitcoin Office of El Salvador, Stacy Herbert, wrote: “ President Bukele announces that El Salvador will no longer acquire External Debt to finance the next General Budget of the Nation.”
Crypto Market Price Update
When writing the fear and greed index powered by CoinMarketCap was at 34 denoting a fear in the market sentiment. At the same time cryptocurrency market capitalization was $2.05 trillion with an intraday decline of 0.59%.
Bitcoin prices fell over 1% in the past 24 hours, reaching $58,651; in the past seven days, it lost over 4%. The ongoing whale activities in Ethereum-held addresses have troubled the prices of ETH when drafting was trading at $2,309 with a decline of 0.81%.
