Bitcoin, ethereum and other major cryptocurrencies have fluctuated wildly this week as the crypto market undergoes a radical change – warning of a game changer.
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The price of bitcoin fell below $20,000 per bitcoin as traders braced for a Federal Reserve bombshell. Other top ten cryptocurrencies including BNB, XRP, solana, cardano and dogecoin have lost ground as regulators circle the crypto market.
Now, the world’s largest asset manager BlackRock has “opened the floodgates for institutional access to bitcoin,” according to reports, while investment giant Fidelity is offering bitcoin trading services to 34.4 million retail investors.
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Fidelity Investments, which has $9.9 trillion in assets under management as of June and started mining bitcoins as recently as 2015, is considering opening a bitcoin and crypto market with 34.4 million brokerage accounts, he reported. Wall Street Journal this week.
“Once one domino falls, the rest will follow. This is exactly the kind of validation asset managers need to get into the crypto space,” Marcus Sotirio, an analyst at London-based digital asset brokerage GlobalBlock, said in emailed comments. The move shows Fidelity’s “belief in bitcoin’s longevity.”
Earlier this year, Fidelity sent waves through the crypto market when it announced it would begin allowing 401(k) retirement savings account holders to invest directly into bitcoin. Influential Senator Elizabeth Warren called the plan “very troubling”, warning that bitcoin could be a very risky investment for pensioners, and the acting assistant secretary of the Department of Labor said there were “serious concerns”.
News of Fidelity’s latest potential support for bitcoin was reported by bitcoin bull and Galaxy Digital CEO Mike Novogratz, who scoffed that “we’re seeing this institutional move.” WSJ.
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“A little bird in my ear told me that Fidelity is going to switch its retail clients to crypto soon,” Novogratz said on stage at the Salt conference in New York. “I hope this bird is right.”
Last week, Michael Van de Pop, CEO of crypto trading platform Eighth Global, said he expects Fidelity to begin trading bitcoin for retail customers in November. “The adoption will grow and accelerate,” he said Posted to Twitter.
In the year In 2021, Fidelity Global macro director Jurien Timmer gave his support to bitcoin, saying that “it has a unique advantage over gold”.
“Bitcoin is gaining credibility, and as a digital analog of gold but with more volatility, my guess is that bitcoin will eventually take more market share than gold.” He wrote.