The Bitcoin price (BTC/USD) has seen significant drop on Friday morning, following an unsuccessful attempt to break above the $6,600 barrier.
The original cryptocurrency enjoyed some trading yesterday, with its price being on an upward trajectory during most of the session. Having opened the session at $6,354.24, the digital coin break above the $6,500 mark in the afternoon, reaching an intraday high of $6,535.41. While the coin experienced a pull-back in late trading, it eventually finished the session at $6,517.31, notching up its highest close in a week.
While Bitcoin benefited from a broader cryptocurrency recovery, its price may have been additionally propped up by a Thursday report from Bloomberg that Wall Street giant Morgan Stanley is planning to offer Bitcoin swap trading for clients. Citing an unnamed source familiar with the matter, Bloomberg said that Morgan Stanley customers would be able to go long or short using the so-called price return swaps and the US bank would charge a spread for each transaction. The source also said that the bank “already technically prepared to offer the Bitcoin swap trading, and will launch once there is proven institutional client demand and after the completion of an internal approval process”. A Morgan Stanley spokesman declined to comment on the report, Bloomberg noted.
Bitcoin enjoyed a strong start on Friday, with its price quickly rising to an eight-day high of $6,596.10. However, this was immediately followed by a sharp decline that led to the coin’s price dropping below the $6,500 level.
As of 10:29 BST, the Bitcoin price stood at $6,481.59, up 0.7% from the same time yesterday. The coin’s total market capitalisation currently stands at nearly $112 billion, which represents 56.2% of the combined value of all digital currencies.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.