Even though bitcoin teaches you to expect the unexpected, it’s always surprising how many events can happen within the span of a few days.
In this edition, we’ll take a look at Swiss banking crypto developments, bitcoin hitting new all-time highs against the Turkish lira, as well as the all-but-confirmed 4% US Fed inflation rate, which is set to be announced sometime in the coming months.
The USD index is also telling an interesting macro story which could have major repercussions for every asset and company in existence — bankrupt or otherwise. Last but not least, we’ll dive into the short-term bitcoin technical data.
According to Finnews, the first Swiss Bank is working on eventually offering crypto banking operations. Typically, Swiss Banks are associated with taking care of offshore needs for the ultra-rich, but apparently fresh interest from young clientele is driving the bank towards innovation.
State-run Swiss cantonal bank Basler Kantonalbank (BKB), has officially become the first bank in the country to begin developing crypto operations. BKB’s subsidiary, Bank Cler is also working on offering trading and storage services for the crypto assets. Cler is owned by BKB but holds a separate banking license.
Although BKB didn’t specify which cryptos will be on offer, a spokesman confirmed it was going ahead with plans due to increased demand for such services — with bitcoin presumably being the number one asset of interest. While there is no timeline for Swiss customers to access the services yet, it will be the first cantonal bank to offer such services in Switzerland, where currently only crypto banks Seba and Sygnum operate.
On Sunday trading, bitcoin hit an all-time high against the Turkish lira (TRY), most notably due to the rise in bitcoin’s price against fiat across the board, but also due to the decline of the Turkish lira against the Euro.
While bitcoin bulls are measuring the asset’s performance against USD (and with good reason), it is the case that other national currencies have been in steady decline against the number one cryptocurrency.
In fact, one bitcoin could only be bought for over 83,670 lira — a record high. Meanwhile, one USD trades for 6.98 lira.
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