Bitcoin was trading around 1% higher on Wednesday morning.
The price was around $35,170 per coin, while rivals Ethereum and Dogecoin were trading at around $2,159 and 25 cents per coin, respectively, according to Coindesk.
BNY Mellon says it’s the first global bank to allow clients to hold, transfer and issue digital currencies. But one of its own asset management units has questions, according to Bloomberg.
Insight Investment, which manages about $1 trillion, says high volatility, lack of liquidity and concerns over governance, may not make Bitcoin suitable for most institutional investors, according to Francesca Fornasari, head of currency solutions.
“We’re skeptical in terms of the ability of Bitcoin to take over as means of payment,” Fornasari said in an interview.
In other news, Australia’s securities regulator has an eye on cryptocurrencies.
It will consult market participants on proposals to identify appropriate crypto assets and set up good market practices for financial instruments that expose them to digital currency-backed assets, according to Reuters.
Governments and regulators worldwide are trying to regulate the digital assets industry as investor interest grows.
The Australian Securities and Investments Commission (ASIC) is concerned about the risk and harm to individuals as well as markets if crypto-backed assets are not developed and regulated properly.