Bitcoin Price Hits $65K as BNY Mellon Secures SEC Approval for Crypto Custody

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Arslan Butt

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Arslan Butt

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Last updated: 

September 26, 2024

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BNY Mellon’s recent SEC approval for its crypto custody proposal has reignited institutional interest in Bitcoin. As Bitcoin’s price hovers around $65,320, this development could further stabilize its value by boosting investor confidence.

By separating crypto wallets from bank assets, BNY Mellon provides added security for digital assets, increasing the potential for broader adoption. This shift could pave the way for Bitcoin to see continued price momentum as institutions play a larger role in the crypto landscape.

SEC Approves BNY Mellon’s Crypto Custody Proposal

BNY Mellon recently received SEC approval for a proposal on how to custody Bitcoin and Ether, ensuring asset protection in case of bank failure. The SEC’s “non-objection” means BNY Mellon can record the assets’ value on its balance sheet.

This structure keeps crypto wallets and bank accounts separate from other bank assets, safeguarding client funds in bankruptcy.

SEC Chair Gary Gensler noted that any bank with a similar setup would receive the same approval. This move is seen as a way to build institutional trust in digital assets, potentially increasing long-term investments in cryptocurrencies like Bitcoin.

• SEC approval ensures asset protection.
• BNY Mellon’s approach separates crypto wallets from bank assets.
• Increased institutional confidence could boost Bitcoin’s value.

Michael Saylor Backs BlackRock’s Bullish Bitcoin Outlook

Michael Saylor, co-founder of MicroStrategy, echoed BlackRock’s positive stance on Bitcoin. Robbie Mitchnick, BlackRock’s head of digital assets, called Bitcoin a “scarce, global, decentralized asset” with both risk-on and risk-off potential, drawing attention amid concerns over fiat currency devaluation and political instability.

Additionally, BlackRock’s spot Bitcoin ETF saw inflows nearing $100 million, outpacing competitors like Bitwise and Fidelity.

The SEC’s approval of BlackRock’s Bitcoin options further underscores rising institutional interest.

• BlackRock praises Bitcoin’s unique value.
• $100 million flows into BlackRock’s Bitcoin ETF.
• Institutional demand boosts Bitcoin’s global recognition and price potential.

Hut 8 Launches GPU-as-a-Service for AI Developers, Shifting from Bitcoin Mining

On September 26, Hut 8 introduced GPU-as-a-service in partnership with AdvizeX, providing AI developers access to HPE supercomputers with 1,000 Nvidia H100 GPUs. This service offers cloud-based GPU access to developers unable to afford their own clusters.

After Bitcoin’s April 2024 halving, Hut 8 pivoted from Bitcoin mining to AI services, adapting to increasing mining competition.

• Hut 8 shifts focus from Bitcoin mining to AI services.
• Cloud-based GPU access supports AI developers.
• Transition could stabilize Hut 8’s Bitcoin operations, impacting long-term BTC sentiment.

Daily Technical Outlook: Bitcoin (BTC/USD) – September 27, 2024

Bitcoin (BTC/USD) trades at $65,320, up 0.26% as it tests key resistance levels, indicating strong bullish momentum.

The cryptocurrency trades above the pivot point of $64,808, signalling a potential breakout after forming a double-top pattern around this level.

If upward momentum continues, immediate resistance is at $65,862, followed by higher targets at $66,539 and $67,152.

On the downside, immediate support rests at $64,170, with further support at $63,493 and $62,688. The 50-day Exponential Moving Average (EMA), currently at $63,935, is a crucial support level, reinforcing bullish sentiment as long as prices hold above it.

Technical indicators are painting a favourable picture for BTC. The Relative Strength Index (RSI) is at 65, indicating that while Bitcoin is approaching overbought territory, there’s still room for upward movement.

A sustained close above the $64,800 pivot point could push the cryptocurrency toward its next resistance at $65,862 and potentially higher, aligning with bullish market sentiment.

If Bitcoin breaks below $64,800, we could see a sharp reversal, potentially targeting the $64,170 support level or even deeper corrections toward $63,493.

Traders should monitor price action around the pivot point to gauge the next move.

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