Bitcoin traded slightly lower Saturday afternoon, hovering around $31,700 in very volatile weekend activity, a day after receiving favorable news that Bank of America (BAC) – Get Report has approved trading in Bitcoin futures for some clients, according to CoinDesk unnamed sources.
The cryptocurrency had risen to $32,200 late Friday before declining to $31,314 on Saturday morning. Bitcoin recovered to $31,892.82 by mid-afternoon before declining again.
Bank of America, which has been conservative toward the crypto sector, will allow some clients to access cryptocurrency due to the large amount of margin required to trade futures, CoinDesk reported Friday.
The bank earlier this month began researching cryptocurrencies, the report said. It had previously blocked financial advisers and clients from trading cryptocurrencies in 2018.
Bitcoin, the world’s largest cryptocurrency, was down 0.47% to $31,673 at last check. The second-biggest digital currency Ethereum was slightly down 0.02% to $1,901.28. Dogecoin was down 5.65% to 18 cents.