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Facing an intriguing future, Bitcoin, the leading cryptocurrency, is gaining interest with the official entrance of big players from the traditional finance sector, such as Citadel, Fidelity, and Charles Schwab.
The Corporate Interest in Bitcoin!
Despite regulatory challenges in the sector and previous setbacks, the participation of established institutions demonstrates the ongoing long-term institutional interest in cryptocurrencies. This poses the question of whether Bitcoin can reach unprecedented heights, leading some to speculate on a possible rise to 1 million dollars.
Bitcoin started the week with an impressive rally, maintaining a steady trading range around approximately $30,000. Notably, this fluctuation represents a significant weekly increase of about 20%. Renowned financial institutions, Charles Schwab, Fidelity Digital Assets, and Citadel Securities, made a significant move into the cryptocurrency market.
A cryptocurrency exchange called EDX Markets, backed by these giants, has officially commenced the trading of four popular crypto assets, including Bitcoin, Ether, Litecoin, and Bitcoin Cash. EDX, intending to meet the needs of major finance institutions, offers an alternative for those cautious against centralized crypto service providers.
The BlackRock Influence!
This development follows BlackRock’s recent application to launch the first spot Bitcoin exchange-traded fund in the United States. According to Vetle Lunde, a senior analyst at K33 Research, approving a spot Bitcoin ETF could profoundly impact Bitcoin’s market structure and simplify financial advisors’ incorporation of Bitcoin into their portfolios.
Cathie Wood, CEO and Chief Investment Officer of ARK Invest, recently shared her optimism about Bitcoin’s price and set a target of 1 million dollars. Wood highlighted Bitcoin’s ability to handle counterparty risk associated with traditional finance, offering the potential for good performance even in a deflationary environment. Hence, these developments present a promising picture for Bitcoin‘s mainstream acceptance and potentially positive impacts on the entire crypto market.
