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Here's Why Bitcoin Jumped Above $50,000 Today

TheMotleyFool

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Here's Why Bitcoin Jumped Above $50,000 Today:

One of the largest banks in the country is launching cryptocurrency custody services. The news helped to drive the price of Bitcoin (CRYPTO: BTC) up 5% to over $51,000 on Tuesday.

U.S. Bank, a subsidiary of financial giant U.S. Bancorp (NYSE: USB) with over $8.6 trillion in assets under custody and administration, wants to help institutional investors safeguard their crypto assets. It will work with NYDIG, a leading Bitcoin technology and financial services provider, to do so.

"NYDIG is excited to partner with U.S. Bank to provide its customers with a custody solution that meets the highest security, compliance and regulatory standards," NYDIG CEO Robert Gutmann said in a press release.

Source Fool.com

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