Citibank has announced plans to integrate bitcoin into its core banking systems in a move aimed at making the asset “bankable”
Simon Peters, crypto analyst at eToro/Image: Supplied
Bitcoin closed February down 15 per cent, extending its losing streak to five consecutive months and marking a 48 per cent decline from its all-time high of $126,500 in October 2025.
For the first time on record, both January and February have ended in negative territory within the same calendar year. Should March also close lower, it would represent six straight monthly declines — a pattern seen only once before in Bitcoin’s history.
Simon Peters, crypto analyst at eToro, commented: “Bitcoin has started March on the backfoot amid rising geopolitical tensions in the Middle East, which have triggered a broader flight from risk assets. This week’s US economic data — including ISM manufacturing and services PMI, ADP employment figures, and non-farm payrolls — will be closely watched ahead of the Federal Reserve’s next meeting. While markets are currently pricing in a hold on rates, softer data could increase expectations of a cut, potentially providing much-needed support to cryptoasset prices.”
Market watchers are now closely tracking macroeconomic signals, particularly US labour and services data, which could influence Federal Reserve rate expectations and, in turn, cryptoasset sentiment.
Altcoins outperform
Despite Bitcoin’s decline, select altcoins posted gains last week.
NEAR rose 17 per cent, climbing from $1.009 to $1.184 following announcements at NEARCON 2026 in San Francisco. Updates included the launch of the Near.com Super-App, which enables account management across more than 35 blockchains without manual bridging, and “Confidential Intents,” a privacy-focused execution layer for cross-chain transactions.
Polkadot (DOT) also gained 17 per cent ahead of a scheduled supply reduction on 14 March, which will cut annual token issuance by more than 50 per cent — from approximately 120 million tokens to 55 million.
Institutional momentum builds
Institutional adoption continues to gather pace despite market volatility.
Citibank has announced plans to integrate bitcoin into its core banking systems in a move aimed at making the asset “bankable.” Proposed services include institutional-grade custody, key management, wallet services, and the integration of tax, reporting and compliance workflows. The offering is expected to launch later this year.
In the UK, Barclays is reportedly exploring a blockchain platform for stablecoin payments and tokenised deposits. Earlier this year, the bank acquired a stake in Ubyx, a US-based digital money clearing system, marking its first direct investment in stablecoin infrastructure.
Together, these developments underscore the continued convergence between traditional finance and the digital asset ecosystem — even as short-term price volatility persists.
