Bitcoin (BTC), Bitcoin Cash (BCH), and Shiba Inu (SHIB) are up 2%, 1.35%, and 9.67%, respectively, in the last 24 hours. The three are now trading for $54,556.16 USD, $612.61 USD, and $0.00002301 USD each.
U.S. Bank, the country’s fifth-largest retail bank with $8.6 trillion in assets under management, said yesterday that it will provide cryptocurrency custody services to investment advisers and fund managers.
They will be able to safely keep their Bitcoin, Bitcoin Cash, and Litecoin private keys (unique passcodes) in their U.S. Bank wallets.
Investors in SHIB were ecstatic after Tesla’s CEO, Elon Musk, three days ago posted a photo of his Shiba Inu puppy on top of his Tesla automobile. Musk has previously endorsed meme cryptocurrencies, and while the tweet wasn’t specifically about SHIB, there’s a good chance he’ll mention it again in the future. The currency has gained 220.90 percent in the last seven days as a result of this.
The success of Bitcoin, Bitcoin Cash, and other cryptos has attracted institutional investors. For example, in the second quarter of 2018, Silvergate Capital (SI), a prominent bank that enables fund transfers between cryptocurrency exchanges and financial organizations (such as banks, venture capital companies, and hedge funds), handled a staggering $240 billion in transaction volume.
That’s more than ten times the amount of institutional crypto-fiat transactions the company handled in the second quarter of last year.
In the case of Shiba Inu, however, this is not the case. It’s apparent that investors are just interested in making a quick profit. It has a basic worth of just $291 million, as measured by total value locked (TVL) on its native Shibaswap decentralized exchange. Meanwhile, the market capitalization of the coin has risen to almost $10 billion.