Have The ‘Floodgates’ Opened?—‘Excitement’ Building As $10 Trillion Crypto Price Earthquake Looms For Bitcoin And Ethereum

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Bit­coin
BTC
, ethereum and cryp­tocur­ren­cies have seen a phe­nom­e­nal price rebound this year, climb­ing as Trea­sury sec­re­tary Janet Yellen warns of loom­ing “eco­nom­ic and finan­cial catastrophe.”

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The bit­coin price topped $30,000 per bit­coin last month, dou­ble its Novem­ber low, while the ethereum price has seen a sim­i­lar 2023 ral­ly that led founder Vita­lik Buterin to issue a suprise bull run warn­ing.

Now, as the U.S. grap­ples with a bank­ing cri­sis that JPMor­gan ana­lysts think could become a “cat­a­stroph­ic” sce­nario, “excite­ment” is build­ing in the bit­coin, ethereum and cryp­to mar­ket, with one invest­ment banker ask­ing: “Have the flood­gates opened?”

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MORE FROM FORBES’Eco­nom­ic And Finan­cial Catastrophe’-Yellen Issues Stark $31.4 Tril­lion Warn­ing After Bit­coin, Ethereum And Cryp­to Price Boom

“We’re see­ing a lot more matu­ri­ty,” Can­tor Fitzger­ald’s head of cryp­to, blockchain and dig­i­tal assets invest­ment bank­ing Elliot Han told CNBC, adding there’s cur­rent­ly “a lot of excite­ment” in the bit­coin, ethereum and cryp­to space as “more insti­tu­tion­al play­ers” come into the space.

“Now, have the flood­gates open? No, I don’t think so. But I think you see a lot more that have come into the space. You’re def­i­nite­ly see­ing a lot more exper­i­men­ta­tion,” Han said, point­ing to reg­u­la­tion “slow­ly com­ing into place.”

U.S. reg­u­la­tors and law­mak­ers have zeroed in on bit­coin, ethereum and cryp­to this year fol­low­ing last year’s sell-off and the high-pro­file implo­sion of major cryp­to exchange FTX.

“While a well-con­ceived reg­u­la­to­ry frame­work for cryp­to will improve investor con­fi­dence and encour­age enter­prise and job cre­ation, the opposite—a lack of a frame­work for crypto—creates uncer­tain­ty and the retrac­tion of the sec­tor as we are see­ing in the U.S. today,” Bradley Duke, co-chief exec­tu­ive at ETC
ETC
Group, said in emailed comments.

The U.S. Secu­ri­ties and Exchange Com­mis­sion (SEC) has been crit­i­cized for its “reg­u­la­tion by enforce­ment” approach to cryp­tocur­ren­cies this year as politi­cians debate whether to adopt a cryp­to reg­u­la­to­ry frame­work that could give legit­i­ma­cy to a tech­nol­o­gy some see as inher­ent­ly fraudulent.

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MORE FROM FORBES’Cat­a­stroph­ic Scenario’-JPMorgan Sees U.S. Bank­ing Cri­sis As Boost­ing Bit­coin After $300 Bil­lion Ethereum And Cryp­to Price Surge

The 2022 cryp­to price crash that wiped around $2 tril­lion from the com­bined bit­coin, ethereum and cryp­to mar­ket sapped the ener­gy from the cryp­to indus­try but this year’s bit­coin price rebound has rein­vig­o­rat­ed traders, investors and companies.

Ear­li­er this year, two of the world’s largest finan­cial insti­tu­tions with a com­bined $14 tril­lion in assets under management—Fidelity and Black­Rock—con­tin­ued to qui­et­ly expand into the world of cryp­to.

Last year, Black­Rock, the world’s largest asset man­ag­er with $10 tril­lion in assets under man­age­ment, announced a part­ner­ship with major cryp­to exchange Coin­base to pro­vide its insti­tu­tion­al clients with access to bit­coin.

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