Metropolitan Bank Holdings (MCB) has announced that it will fully exit the crypto-asset-related vertical. This decision follows a careful review by the Board of Directors and management and reflects recent developments in the crypto-asset industry, material changes in the regulatory environment regarding banks’ involvement in crypto-asset-related businesses, and a strategic assessment of the business case for MCB’s further involvement at this time. The Company expects the minimal financial impact from the exit of this vertical. MCB currently has four active institutional crypto-asset-related clients that in the aggregate currently account for approximately 1.5% of total revenues and 6% of total deposits.
According to CoinShare, digital asset investment products saw outflows totaling US$9.7m, and Bitcoin saw minor outflows totaling US$6.5m. Bitcoin is up 0.11% over the last 24 hours and rose to an intraday high of $17,397.00. The largest cryptocurrency has broken above the $17,000 price level, which has been acting as a resistance over recent weeks. If the BTC USDT pair sustains above the current price level, the $17,000 price level will become strong support, and the BTC USDT pair could pick up momentum and rally to $17,854 and then to $18,138.
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