Bitcoin was trading more than 3% lower Wednesday morning.

The price was around $48,150 per coin, while rivals Ethereum and Dogecoin were trading around $3,180 and 29 cents per coin, respectively, according to Coindesk.

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Citigroup is looking into offering bitcoin futures for some of its institutional clients, according to Coindesk.

Increased demand in the cryptocurrency space was cited by a spokesperson for the bank.

Bitcoin prices rose past $50,000 earlier this week as adoption by corporations and the wider public gathers pace.

Citi is waiting on regulatory approval to begin trading bitcoin futures on the Chicago Mercantile Exchange, citing a source within the bank.

"Given the many questions around regulatory frameworks, supervisory expectations, and other factors, we are being very thoughtful about our approach," a Citi spokeswoman said in an email to Coindesk.

BITCOIN PRICE JUMPS TO $50K IN RECOVERY

If approved, Citigroup would join Goldman Sachs in offering bitcoin futures trading.

Budweiser NFTs

In other cryptocurrency news, Budweiser is getting into non-fungible tokens (NFTs).

Budweiser has added a profile photo of a rocket ship designed by NFT artist Tom Sachs. to its Twitter page.

Coindesk also reported the brewer has purchased the Beer.eth domain name for 30 ether, or roughly $95,000.

Budweiser had not responded to Coindesk for comment.

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CoinDesk reported last month the beer brand was investing in a new NFT media shop that will see intellectual property packaged and sold as NFTs.

Source Link:
https://www.foxbusiness.com/markets/bitcoin-price-8-25-2021

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