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

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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.

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.

JUST IN: BNY Mellon approved by SEC for #Bitcoin and crypto custody services, says Gary Gensler — Bloomberg pic.twitter.com/nxYg5ykPKI

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.

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