Banks Boost For Bitcoin?

By XTRM™ | Cryptopia | 11 May 2021

What a week, what a start the May 2021, as Bitcoin (BTC) headed towards the $59,000 resistance mark - then smack, BTC started to drop by more than 10%, and flopping harder than a male medical condition to a low of $53,000... I know it was painful... 

But seemingly a little pattern is emerging as by Thursday (as with a good few weeks now), BTC flip-flopped around the 50's more than Michael J. Fox, showing signs of a move back up, on the back of some interesting financial adoption news.


On 5th May 2021 interest by leading fintech company FIS was announced via a remarkable partnership with the Bitcoin-focused financial services provider NYDIG who are in the process of introducing a technological solution that would enable banks to buy, sell, and hodl Bitcoin for their business associates and client base.

An announcement via MercadoLibre which is the largest e-commerce platform in Latin America recently added approximately $7.8-million of Bitcoin to its... Well... Bank Account. This will  have helped BTC to pump back to the $58,000 level for the third or fourth time in 14 days... The fluctuating has been erratic to say the least. 

Today 11th May 2021 BTC is trading at around the  $56,500 Mark with the hope of a bounce back to $58,000 which could provide the platform for more positive trading with confidence to maybe push back beyond $60,000 and back towards the all time high.

As a rule I tend not to be tempted into weekend trading - it's just a rule I have lived by - however over the last few weeks I have been finding myself dipping into a few BTC trades during the weekend. This weekend I feel this will be the case also.

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