In an era when traditional finance is revising its stance on cryptocurrency, another bank joins the bandwagon.
Nordea Bank altered its stance on crypto amid growing adoption and improved regulatory clarity. With its new directive, its customers will be able to access Bitcoin Exchange Traded Products (ETP) from December.
Scandinavia’s Bank, Nordea, shifted its perception about cryptocurrency after seeing mass adoption and regulatory clarity. As such, the Bitcoin ETP developed by the digital asset investment firm, CoinShares, will only be offered as an “execution-only offering,” which translates to say that customers can buy this product; however, Nordea does not offer advice on buying an ETP that has Bitcoin as the underlying asset.
The bank’s tectonic shift from a stern stance to a more open take is quite significant. Back in 2018, Nordea banned its employees from owning Bitcoin. The bank was so intense on its stance that the employees were pushed to a point where they had to take legal action against the bank to stop the harassment.
“We would consider it a legal offense against the individual,” Danish Financial Federation chairman Kent Petersen said about the possibility of challenging the violation of employees’ rights in court. “After all, in Denmark there is still a degree of freedom to invest if it is not a risk for the company you are employed in.”
As shown in the chart above, Bitcoin has been trading inside a falling wedge. The falling wedge is a story where the trader’s behavior shifts from fear and selling to anticipation and accumulation. With the falling prices, retailers think that the market is actually on a downtrend; however, smart money observes that the falling rate is slowing down.
When BTC falls to the bottom of the wedge, smart money moves into the flagship crypto. When funds move in the price breaks out from the falling wedge. Given that Bitcoin completes the pattern and breakout, it could rise as high as $117K.
