‘One Domino Falls’—Crypto Set for $10 Trillion Earthquake as Price of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano and Dogecoin Swing
Bitcoin, ethereum and other major cryptocurrencies have been swinging wildly this week as the crypto market undergoes a radical shift – offering a game-changing warning.
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The bitcoin price crashed below $20,000 per bitcoin as traders braced for a Federal Reserve bombshell while the ethereum price has lost nearly 20% in the wake of the long-awaited upgrade (which some believe could destroy the dynamics of the crypto market). Other top ten cryptocurrencies including BNB, XRP, solana, cardano and dogecoin have also lost ground as regulators circle the crypto market.
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Now, after the world’s largest asset manager Blackrock “opened the floodgates for institutions to access bitcoin,” reports have emerged that investment giant Fidelity is considering offering bitcoin trading services to its 34.4 million private investor base.
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Bitcoin was rocked this week by news $10 trillion asset manager Fidelity is set to offer … [+]
Fidelity Investments, which boasts $9.9 trillion in assets under management as of June this year and began mining bitcoin as far back as 2015, is considering opening up the bitcoin and crypto market to its 34.4 million brokerage accounts, it said reported by the The Wall Street Journal this week.
“After one domino falls, the rest will follow. This is exactly the kind of confirmation that asset managers need to enter the crypto space themselves,” Marcus Sotiriou, an analyst at London-based digital asset broker GlobalBlock, said in an emailed comment, and added. the move shows Fidelity’s “belief in bitcoin’s longevity.”
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Earlier this year, Fidelity sent ripples through the crypto market when it said it would begin allowing its 401(k) retirement savings account holders to invest directly in bitcoin, sparking a backlash from regulators and lawmakers. Influential senator Elizabeth Warren called the plan “extremely troubling” and warned that bitcoin could be too risky an investment for retirement savers, while the Labor Department’s acting assistant secretary said he had “serious concerns.”
News of Fidelity’s latest potential bitcoin backing was teased by bitcoin bull and Galaxy Digital CEO Mike Novogratz who said, “we’re seeing this institutional march” against bitcoin, it was reported by WSJ.
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Bitcoin price has jumped around $20,000 per bitcoin in the last month like bulls and bears … [+]
“A bird told me, a little bird in my ear, told me that Fidelity is going to switch retail clients to crypto soon enough,” Novogratz said on stage at the Salt conference in New York. “I hope that bird is right.”
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Last week, the CEO of crypto trading platform Eight Global, Michaël van de Poppe, said he expected Fidelity to launch bitcoin trading for retail clients in November. “Adoption is growing and it’s accelerating,” he posted to Twitter.
In 2021, Fidelity global macro director Jurrien Timmer gave his backing to bitcoin, saying it had a “unique advantage over gold”.
“Bitcoin is gaining credibility, and as a digital analogue of gold, but with greater convexity, I guess over time bitcoin will take more market share from gold,” Timmer wrote.
