Search ForexCrunch
  • Royal Bank of Canada (RBC) explores the idea of creating a cryptocurrency trading platform.
  • BTC/USD is locked in a tight range on Tuesday.

Royal Bank of Canada (RBC) with nearly $500 billion assets under management is building a platform for trading bitcoins and other digital assets. The bank filed four patents on technical solutions for integrating cryptocurrencies in banking operations in Canada and the  US.

The Logic reports that RBC will be able to open custodian accounts for cryptocurrencies. The bank refused to comment this information.

Notably, Bank of Canada is considering the issuance of public digital coin to combat the direct threat from private cryptocurrencies. Bank of China and a number of other global  regulators have adopted similar approach.

BTC/USD, the technical picture

At the time of writing, BTC/USD is changing hands at $8,734, having recovered from Monday’s low pf $8,593. The first digital coin has been range-bound with bullish bias during early Asian hours, though the upside momentum seems to be fading away on approach to $8,770. This resistance is created by the lower line of 1-hour Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on  a confluence of SMA50 (Simple Moving Average) and SMA 100 1-hour at $8,830.  

BTC/USD, 1-hour chart