Institutional interest in Bitcoin has increased after BNY Mellon received SEC approval for its crypto custody services. With Bitcoin trading around $65,320, this development could boost investor confidence and stabilize the value of BTC.

BNY Mellon is moving to separate its crypto wallets from bank holdings by improving the security of digital assets. The move could encourage more institutional investors to enter the crypto market and provide a sustainable boost to Bitcoin’s price.

The SEC has approved BNY Mellon’s proposal to offer Bitcoin and Ethereum custody services. The approval ensures that assets are protected in the event of bankruptcy. This would keep crypto wallets separate from the bank’s other assets and keep customers’ funds safe. SEC Chairman Gary Gensler said that other banks in similar situations could receive the same approval. This could increase institutions’ trust in digital assets and encourage long-term investments in cryptocurrencies like Bitcoin.

MicroStrategy co-founder Michael Saylor supports BlackRock’s positive views on Bitcoin. BlackRock’s Head of Digital Assets Robbie Mitchnick described Bitcoin as a “global, decentralized asset with limited supply,” adding that it has gained traction during times of devaluation of fiat currencies and political instability. BlackRock’s spot Bitcoin ETF has attracted close to $100 million in inflows, outpacing competitors like Bitwise and Fidelity. The SEC’s approval of BlackRock’s Bitcoin options trading suggests increasing institutional interest.

Hut 8 launched GPU-as-a-service for AI developers on September 26 in partnership with AdvizeX. This partnership will provide AI developers with access to HPE supercomputers equipped with 1,000 Nvidia H100 GPUs. The service offers cloud-based GPU access to developers who cannot afford their own infrastructure. Hut 8 has shifted from mining to AI services following the Bitcoin halving in April 2024.

This transition could make Hut 8’s Bitcoin operations more stable and impact the future of BTC in the long run.

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I EXPLAIN IN DETAILED.

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WHEN WILL THE REWARD COME?

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