Efforts to woo Wall Street investors into the world of Bitcoin and cryptocurrency are beginning to pay off, and mainstream tech outlets are taking notice.
A new article from Wired highlights the birth of Fidelity’s Bitcoin custody service and the coming launch of Bakkt’s physically-settled Bitcoin futures as two signs that “serious money” is starting to enter the market.
The piece also notes the relatively small size of the overall crypto market compared to traditional assets.
“So is crypto the next big thing in institutional investment, or is this fighting over scraps? For now, crypto custody still involves a relatively small pool of money. Coinbase got a boost earlier this month when Grayscale Investments moved its $2.7 billion worth of crypto funds from Xapo to Coinbase, more than doubling the company’s assets under custody. That’s tiny compared with the trillions under management for a company like Fidelity…
Still, companies like Coinbase and Fidelity think there’s room for growth. In May, Fidelity released a survey of more than 400 institutional investors that found 22 percent already held cryptocurrency, and another quarter saw potential to do so.”
Right now, Bitcoin is up 3.65% at $10,711 according to COIN360. Ethereum is up 2.64% at $200.87, XRP is down 2.88% at $0.2791 and Litecoin is down 0.11% at $76.76.
Despite the uptick, CoinDesk analyst Omkar Godbole says Bitcoin is still on track to slide down to $9,000 in the short term.
“The weekly chart continues to call a deeper pullback to $9,000 with key moving averages (MAs) producing a first bearish crossover since February. A weekly close above $12,000 is needed for a complete bullish revival.”
Here’s a look at the latest analysis from across the cryptosphere.