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A Bitcoin ATM, the largest cryptocurrency by market capitalization that operates without any central control and relies on software and peer-to-peer encryption, on the BitBase platform during Mobile World Congress 2023 on March 10, 2023, in Barcelona, ​​Spain.
Joan Cross | Norphoto | Getty Images
The price of bitcoin rose on Monday as financial institutions continued to give bitcoin their boon.
bitcoin It rose about 5% to $27,941.86, its highest level since early May, according to Coin Metrics. ether It added 3.7%, to trade at $1,786.25.
Sentiment has been high in cryptocurrencies since late last week, when Black stoneThe world’s largest asset manager has placed an order for what will be the first US-based Bitcoin instant ETF. The application came a week after the Securities and Exchange Commission filed a lawsuit against two of the largest cryptocurrency exchanges, Binance and Coinbase. Many have speculated about the timing of BlackRock’s move, especially with Coinbase as a crypto custody partner.
Bitcoin – 1 month
Then Tuesday morning, a new digital currency exchange backed by financial giants Charles Schwab, Fidelity Digital Assets and Citadel Securities announced that it had been in the works for several weeks to trade bitcoin and ether.
Fidelity has been actively following crypto developments since 2014. In recent years, the company has opened a Fidelity digital assets division, created a commission-free retail investment app called Fidelity Crypto, and begun offering 401(k) investors access to cryptocurrency (an option that must be offered by employers). ).
Many established financial firms are keen to show enthusiasm for blockchain technology and the ways in which it can advance legacy financial infrastructure. However, most of them are much quieter about their opinions about investing in cryptocurrencies.
With big names like BlackRock and Fidelity showcasing their cryptocurrency commitments, investors were optimistic on Tuesday that some of the reputational risk of conducting any type of cryptocurrency business — which for some investors has been a mental barrier to buying bitcoin — can begin to fade.
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