“One Domino Falls” – Cryptocurrency Prepares for USD 10 Trillion Earthquake as Bitcoin, Ethereum, BNB, XRP, Solana, Cardano and Dogecoin Swing

Bitcoin, Ethereum and other major cryptocurrencies have all swung wildly this week as the cryptocurrency market underwent a dramatic turnaround – sparking a game-changing warning.

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Bitcoin price drops below $20,000 per bitcoin as traders prepare for the Fed’s bombshell while the price of Ethereum has lost nearly 20% in the wake of a long-awaited upgrade (which some believe could wreak havoc on crypto market dynamics). The other top 10 cryptocurrencies also lost ground, including BNB, XRP, solana, cardano, and dogecoin, as regulators circled the cryptocurrency market.

Now, after the world’s largest asset manager Blackrock has opened the door for institutions to access bitcoin, reports have emerged that investment giant Fidelity is weighing providing bitcoin trading services to its 34.4 million retail investor base.

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This week, affected by the news of Bitcoin worth $10 trillion, Fidelity is preparing to present… [+] Bitcoin trading to a retail investor base of 34 million.

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The Wall Street Journal reports that Fidelity Investments, which has $9.9 trillion in assets under management as of June this year and has been mining bitcoin since 2015, is considering opening the $34.4 million bitcoin and crypto market for its $34.4 million brokerage accounts. this week.

“After one domino falls, the rest will come. This is exactly the kind of assurance that asset managers need to get into the crypto space themselves,” Marcus Sotirio, an analyst at London-based digital asset broker Global Block, said in comments via email. This move demonstrates Fidelity’s “belief in the longevity of Bitcoin.”

Earlier this year, Fidelity sent ripples through the crypto market when it said it would begin allowing 401(k) retirement savings account holders to invest directly in bitcoin, prompting a backlash from regulators and lawmakers. Senator Elizabeth Warren, an influential senator, called the plan “extremely concerning,” warning that bitcoin could be a risky investment for retired savers, while the acting assistant secretary of labor said he had “serious concerns.”

News of Bitcoin’s recent potential support for Fidelity sparked a Bitcoin bull and Galaxy Digital CEO Mike Novogratz who said, “We’re seeing this institutional march” toward bitcoin, the Wall Street Journal reports.

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More from FORBEST The Securities and Exchange Commission (SEC) chief has issued a game-changing warning about Ethereum – triggering a massive price crash

Bitcoin price has rebounded around $20,000 per bitcoin this past month with bulls and bears… [+] Battle for control. Ethereum, BNB, XRP, solana, cardano, and dogecoin also all oscillated significantly.

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“A bird, a little bird in my ear, told me Fidelity will switch retail customers to crypto soon enough,” Novogratz said on stage at the Salt Conference in New York. “I hope the bird is right.”

Last week, CEO of crypto exchange Eight Global, Michael van de Poppe, said he expects Fidelity to launch bitcoin trading for retail clients in November. “Adoption is growing and accelerating,” he wrote on Twitter.

In 2021, Fidelity’s global macro manager Jurrien Timmer gave his support to bitcoin, saying it had a “unique advantage over gold.”

“Bitcoin is gaining credibility, and as a digital counterpart to gold but with more convexity, my guess is that Bitcoin will, over time, take a larger market share than gold,” Timmer wrote.

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