A Rising Wave of Confidence in the Future Crypto Market | by LBank Exchange | Jun, 2023

From the LBank blog.

Major Financial Institutions’ Increased Interest in Crypto

The past week has seen a flurry of activity in the global cryptocurrency market, sparking renewed confidence for the future. Notably, Fidelity, one of the world’s top asset management companies, revealed its interest in the crypto sphere by considering the acquisition of Grayscale and introducing a Bitcoin spot ETF.

The Launch of EDX: A Crypto Exchange Backed by Wall Street

Further amplifying this confidence, a new cryptocurrency exchange, EDX, officially announced its launch on the 20th. The striking detail about EDX is the backing it has received from numerous Wall Street giants.

These include Fidelity, Schwab — one of the largest brokerage firms in America, Paradigm, Sequoia Capital, and Virtu Financial, all early supporters of EDX. According to CNBC, the newly launched EDX now supports trading in four cryptocurrencies: BTC, ETH, LTC, and BCH.

Amid an increasingly strict regulatory environment in the United States, EDX expressed its commitment to meet compliance requirements and operate legally. EDX’s CEO, Jamil Nazarali, stated that despite facing industry headwinds, the platform’s ability to attract new investors and partners demonstrates its strength and the market demand for secure and compliant cryptocurrency trading.

Unlike traditional custodial centralized exchanges, EDX operates on a non-custodial model. This means it does not directly manage client funds, instead, it acts as an intermediary for trading and settlement, with all client funds entrusted to third-party banks or cryptocurrency custodians. In addition to traditional crypto services, EDX plans to launch the non-custodial securities trading service EDX Clearing later this year.

Bitcoin’s Price Surge: A Ripple Effect of Positive News

This wave of positive news saw Bitcoin breaking the $30,000 threshold, momentarily reaching $31,000 before falling back to fluctuate around $30,000. ETH also broke the $1,900 mark. BCH, influenced significantly by the news, soared to $220, marking an increase of over 100%.

BlackRock’s Bitcoin ETF: A Potential Game Changer

Another bullish sign is BlackRock’s application for a Bitcoin ETF. Renowned industry figure David Bailey, CEO of BTC Inc. and a member of the University of Alabama’s board of directors, stated that BlackRock, a global asset management giant, could soon get the approval for a Bitcoin ETF from the SEC. This potential breakthrough comes after many previous attempts by other companies have failed.

The SEC’s approval process for ETFs can be long and complex, as it is tasked with ensuring proposals meet all applicable laws and regulations and serve the best interests of investors. This process usually takes several months due to the regulator’s concerns about potential fraud and manipulation in the crypto market. However, recent developments, such as an increasing number of institutions adopting Bitcoin, have led some experts to believe the SEC may be more willing to approve a Bitcoin ETF soon.

These major movements within the crypto market illustrate a heightened level of confidence in the future of cryptocurrencies. From the support of major financial institutions to the promise of more transparent, non-custodial trading platforms like EDX, the crypto market is evidently becoming a more recognized and significant part of the global financial ecosystem.

This is an encouraging sign for investors and enthusiasts who believe in the potential of blockchain technology and the long-term value of cryptocurrencies.

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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.

This article came directly from the LBank blog, found on https://lbank-exchange.medium.com/a-rising-wave-of-confidence-in-the-future-crypto-market-c3fee5f3dda6?source=rss-87c24ae35186——2

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