BTC gained momentum on Thursday after forming a solid support base near $55K. The top digital coin soared past hurdles near $57,000 and $58,000 to move into a positive zone after declining earlier in the week.
The BTCUSD exchange rate is currently trading well above the $58K level. The successful push by bulls above this crucial level opened the doors for more gains, allowing bitcoin prices to climb higher above $59,000. The coin even formed a high at $59,623 and now looks set to revisit $60K in the coming session.
BTCUSD Chart By TradingView
Bitcoin’s uphill move comes on the back of bullish news that bank giant Morgan Stanley will become the first major US bank to offer its clientele exposure to BTC. The new product is enabled by crypto firm Galaxy Digital and FS NYDIG.
A recent report by Morgan Stanley claims that it has reached a critical point in adoption and is increasingly seen as an “investable asset class” due to a combination of several favourable factors.
“A firming regulatory framework, deepening liquidity, availability of products, and growing investor interest—especially among institutional investors—have coalesced,” the banking giant explained.
Visa Set To Integrate BTC into Its Network
More bullish news for the world’s leading crypto came from top payment company Visa, which revealed official plans to integrate BTC into their payment network.
Speaking during the Fortune’s Leadership Next podcast, Visa’s CEO Al Kelly explained that his company aims to enable BTC purchases for its millions of clients. The payments platform also intends to facilitate users to convert their crypto funds to fiat and be accepted by over 70 million merchants globally.
The CEO added that Visa’s long-term goal is to become a bridge between BTC users and traditional payment methods to accelerate the “digitization of the economy”.
Kelly revealed that Visa is currently collaborating with various partners in the crypto industry, including major players like Circle and BlockFi, to materialize their goal.
ETH Price Breaks the Key $1,800 Resistance
The ETH price rose after forming a support base above $1,750 and started a fresh increase above the $1,800 resistance level. Ether remained well bid above this zone as the bulls took control of its price action.
ETHUSD Chart By TradingView
In the coming sessions, the ETHUSD pair must break above the $1,850 resistance level to spark a fresh increase; in this scenario, the bulls might retest $1,920 or even $2K in the near term.