Fidelity and BlackRock are Quietly Laying the Groundwork for the Next Bitcoin, Ethereum and Crypto Price Bull Run
BitcoinBTC, ethereum and other major cryptocurrencies are currently trading well below their all-time highs despite moving into 2023.
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigating the roller coaster of bitcoin and crypto market
Bitcoin price has added around 70% since the start of the year as traders prepare for a potential U-turn from the Federal Reserve.
In the midst of the brutal crypto winter that has wiped nearly $2 trillion of value from the market, two of the world’s largest financial institutions with a combined $14 trillion in assets under management—Fidelity and BlackRockBLK—are quietly expanding into the world of bitcoin, ethereum, and cryptocurrency.
It is at the beginning of a bull run that you need updated information the most! Sign up for free now CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
“At BlackRock, we continue to explore the digital asset ecosystem, particularly areas most relevant to our clients, such as permissioned blockchains and the tokenization of stocks and bonds,” Larry Fink, CEO of the world’s largest asset manager, wrote in his annual letter to shareholders. adding “very interesting developments are happening in the digital resource space.”
Last year, Fink predicted that crypto’s blockchain technology will usher in the “next generation for markets” after signing a major deal with bitcoin and crypto exchange Coinbase.
Meanwhile, Fidelity Investments has now opened its crypto trading platform to its 37 million users to buy and sell bitcoin and ethereum commission-free, it was first reported by The block.
Register now for CryptoCodex—A free, daily newsletter for the crypto-curious
The Bitcoin and crypto market has traditionally moved cyclically, rising higher before crashing and then rising higher again. Some bitcoin, ethereum and crypto market watchers are pointing to bitcoin’s next halving, when the flow of new bitcoin being created will be halved, as a potential catalyst for the next bitcoin price.
“We’re about a year away from bitcoin’s next halving,” Alex Thorn, Galaxy’s head of research, said in emailed comments. “Historically, these have been bullish events for the digital asset.”
Follow me on Twitter.
