The Bank of America and Wells Fargo are reportedly working on adding Apple Pay support to their cash machines this year.
Morgan Stanley says that it currently holds 1 million shares of Grayscale Bitcoin Trust worth millions of dollars, through several funds.
The markets remained pumped up ahead of the Fed meeting on Thursday, where the central bank will discuss any stimulus tapering measures.
Wells Fargo has floated the bitcoin fund to be managed by both firms and will receive a sales cut through two of its own subsidiaries.
Amid the government’s spendings and stimulus, the banks also reported a strong surge in consumer spending. The credit card spending for most of the banks has shot above the pre-pandemic levels.
The spread of the delta variant in East Asia and the US has resulted in the spike of the COVID-19 cases. Concerns of a slowdown in the economic recovery put markets under pressure.
In a report entitled “investment rationale for cryptocurrencies”, Wells Fargo mentioned that their decision was based on the stability and viability of crypto as an asset.
After the US stocks have topped record highs this year, the bar to exceed the record levels has been raised significantly.
The general losses in the stock market were cushioned by bank shares after their better-than-expected earnings releases.
According to the Federal Reserve, the restrictions on dividends and share repurchases will end for almost all the banks on the 30th of June.
A Reddit community WallStreetBets has taken the hedge-funds on a ride by pumping stocks that were heavily shorted by these funds. The Biden administration and the SEC is closely observing this situation around GameStop.
