Bitcoin Price Stable Near $57K as Morgan Stanley Embraces Crypto

Bitcoin Price Stable

Created by TradeOr

3rd Party Analysis 25 Nov 2021

Key Takeaways:

  • Bitcoin price stable near $57,000 per token as traders cheer growing crypto adoption
  • Investment bank Morgan Stanley held bitcoin products through its funds in third quarter

What’s Today’s News in Crypto?

Bitcoin price keeps steady near $57,000 per coin early Thursday as market participants remain optimistic for the future. In signs of growing crypto adoption among traditional finance, investment bank Morgan Stanley revealed it held bitcoin products.

Specifically, filings with the Securities and Exchange Commission show the banking giant purchased about 1.5 million shares of the Grayscale Bitcoin Trust (GBTC). This happened during the quarter ended September 30 through a fund called Growth Portfolio Fund owned by the bank.

Moreover, several other Morgan Stanley funds owned bitcoin products during the past quarter. Examples include the bank’s Insight Fund which held 600,000 GBTC shares.

The move by Morgan Stanley highlights increasing acceptance of cryptocurrencies from investment professionals and financial institutions.

What’s the Price of Bitcoin?

Against this backdrop, the price of bitcoin is presently hovering at $57,200 per token. With this in mind, crypto backers continue to hold the line after several days of sideways trading. More precisely, over the past week, the original cryptocurrency has gyrated in the range of $55,000 to $58,000 per coin.

Prior to this, however, bitcoin slipped from its record high of $69,000 reached on November 10.

Still, traders and investors in digital assets remain confident the market is still in its early stages of development. Further, they expect to see a new all-time for the orange coin before the end of the year. In order for this to happen, bitcoin bulls must accumulate significant buying momentum.

Nevertheless, crypto enthusiasts use the current market dip as an opportunity to enter the market and buy bitcoin. In addition, they are also piling into alternative coins.

Ether, the second-biggest coin, is presently trading above $4,200 apiece, lower by about 2% for the week. Most of the major crypto tokens, including XRP and Litecoin, hover a bit lower this week.