Business & Economy

Wall Street’s Trillion-Dollar Shift Fuels Cryptocurrency Boom

By: News Peak

Date:

According to an article by Billy Bambrough for Forbes, the potential shift of $17.7 trillion from Wall Street could have a significant impact on the prices of cryptocurrencies like Bitcoin, Ethereum, and XRP. Major cryptocurrencies have been influenced by the Federal Reserve this year, which could result in volatility in Bitcoin’s price. However, Bitcoin has experienced a substantial increase of almost 70% this year, largely due to trading interest from BlackRock, the world’s largest fund manager overseeing around $10 trillion in assets.

The article mentions that a former managing director at BlackRock expects the U.S. Securities and Exchange Commission (SEC) to approve a Bitcoin spot exchange-traded fund (ETF) within a few months. This approval would allow funds managing $17.7 trillion worth of assets to participate. The same ex-BlackRock executive gave the SEC a timeline of 3-6 months to greenlight a Bitcoin spot ETF. Furthermore, asset manager Franklin Templeton, responsible for managing $1.5 trillion, recently submitted an application for a Bitcoin spot ETF with the SEC, joining other applicants such as Fidelity, WisdomTree, and Invesco Galaxy.

The crypto market is eagerly awaiting the SEC’s decision regarding Bitcoin spot ETFs. The article highlights that some smaller providers are already adjusting their offerings based on market expectations. For example, Valkyrie and VanEck are diversifying from Bitcoin to Ethereum, giving them an additional point of sale once institutional players enter the Bitcoin ETF market.

This article provides analysis and insights into the potential impact of a significant financial shift from Wall Street on the prices of cryptocurrencies. While it contains forecasts and predictions from a former BlackRock executive, indicating a level of subjectivity, it primarily focuses on market reports and insider projections. Therefore, it can be estimated that the article is 60% news-based and 40% editorial in terms of the forecasted scenarios.

This article is 60% likely factual news based on my current analysis.

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