Bitcoin in For a Bear Market but Can Apple Save the Day?

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Bitcoin in For a Bear Market but Can Apple Save the Day?
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Bitcoin  has been trading at $31,600 levels for some weeks now. It hasn’t recovered after it scaled the $64,000 levels in April before crashing over 50%.

The cryptocurrency market has fallen mainly due to the Chinese crackdown on Bitcoin miners. It was exacerbated by Elon Musk, who keeps flip-flopping on his Bitcoin stance. His stance is currently anti-Bitcoin until the flagship cryptocurrency does something about the massive impact it has on the environment.

However, there are a couple of institutions that might just be turning it around for Bitcoin. The first piece of news at Coindesk that said Bank of America (NYSE: BAC ) “has approved trading in bitcoin futures for some clients.” Edward Moya, senior market analyst for Oanda said, ““This is a big commitment for America’s second-largest bank…On Wall Street, if one bank sees opportunity in doing something risky, the rest will easily justify following suit.”

The second one is a rumour that Apple (NASDAQ: AAPL ) has bought over $2 billion in cryptocurrency the past week. Apple has neither confirmed nor denied the rumour. It didn’t stop Bitcoin’s price from falling from over $34,000 to below $32,000. That didn’t stop social media site Twitter from going crazy over Apple and Bitcoin. Will Apple refute the rumour?

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