The clouds over the cryptocurrency sky have never really cleared since the spectacular bankruptcies of FTX, Terra, Three Arrows Capital and Co. And a few days ago, even more trouble loomed: within a short time the US Securities and Exchange Commission (SEC) filed a lawsuit, first against the largest (Binance) and then against the second largest crypto exchange (Coinbase). Because the Bitcoin course then ushered in a nightcap, the (usual) crypto grave miners were already rubbing their hands in jubilation.
But those who are said to be dead live longer, as is known. This is especially true for Bitcoin. No sooner had the obituaries been drawn up than they were invalid again. What happened? BlackRock, the world’s largest asset manager, has filed with the SEC for an exchange-tradable Bitcoin fund — called an ETF. This allows investors to benefit from rising Bitcoin prices without having to own them themselves. The rise of BlackRock is seen as an extremely positive sign for the mother of all cryptocurrencies. While the SEC has yet to approve the ETF, only one of BlackRock’s more than 450 ETF applications has been rejected.
BlackRock is not the only Wall Street giant to increasingly put its antennae into cryptocurrencies. A few days ago a new crypto exchange went online with EDX. Unlike Coinbase and Binance, it is aimed solely at institutional investors. EDX is funded by Fidelity Digital Assets, Charles Schwab and Citadel Securities, among others.
Like BlackRock, Fidelity Investments is a trillion-dollar asset manager. He also attempted to launch a Bitcoin ETF in 2021 under the Fidelity Digital Assets label. The sparrows are whistling it (on Twitter) from the rooftops: The next attempt should start in a few days.
Broker Charles Schwab is one of the 500 largest publicly traded US companies. Citadel played a less than glorious role as a market maker in the Game Stop affair. Citadel’s popular strategy of poaching senior SEC members and other regulators has also been met with criticism.
Traditional houses are also becoming active in Europe: Deutsche Bank has applied for a custody license from BaFin (Federal Financial Supervisory Authority). About ten months before the next halving, the traditional financial services companies are positioning themselves. In about 310 days, the most important event in the crypto world is expected again. History has shown so far: no other event moves the crypto markets anymore.
Read more about halving here.
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Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
