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Fidelity and BlackRock Quietly Laying the Groundwork for the Next Bitcoin, Ethereum, and Crypto Price Revolution

Fidelity and BlackRock Quietly Laying the Groundwork for the Next Bitcoin, Ethereum, and Crypto Price Revolution
Fidelity and BlackRock Quietly Laying the Groundwork for the Next Bitcoin, Ethereum, and Crypto Price Revolution

 


Bitcoin BTC, Ethereum, and other major cryptocurrencies are currently trading well below their all-time highs — although one influencer who saw the Covid pandemic coming thinks that may be about to change.

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Bitcoin price has added about 70% since the beginning of the year as traders prepare for a potential Federal Reserve turnaround, helping the price of Ethereum soar.

Amidst a brutal crypto winter that has wiped out nearly $2 trillion in market value, two of the world’s largest financial institutions with $14 trillion in assets under management—Fidelity and BlackRock BLK—are quietly expanding into the world of bitcoin, ethereum, and cryptocurrency.

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More Forbes ‘Leading’ Cryptocurrency 401(k) Index Unlocks $7 Trillion Market Beyond Bitcoin And Ethereum After Massive Price Crash

Bitcoin’s price has so far risen this year as expectations rise among traders and investors… [+] A bitter cryptocurrency winter may be approaching and help push the price of Ethereum and other cryptocurrencies higher.

AFP via Getty Images

“At BlackRock, we continue to explore the digital asset ecosystem, especially the areas most relevant to our customers such as licensing blockchains and tokenization of stocks and bonds,” Larry Fink, CEO of the world’s largest asset manager, wrote in his annual letter to shareholders. “Very interesting developments are happening in the field of digital assets,” he added.

Last year, Fink predicted that cryptocurrency blockchain technology would usher in the “next generation of markets” after signing a major deal with Bitcoin and Crypto Exchange Coinbase.

Meanwhile, Fidelity Investments has now opened its cryptocurrency trading platform to 37 million users to buy and sell bitcoin and ether commission-free, as first reported by The Block.

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More From Forbes “Devastated Investor Carnage” SEC Official Cases “Inevitable” Predicting Crypto Bank Operation After Huge Crash in Bitcoin and Ethereum Prices

The price of bitcoin has skyrocketed over the past few years, pulling ethereum and other cryptocurrencies… [+] with her.

Forbes Digital Assets

The bitcoin and cryptocurrency market traditionally moves cyclically, rising higher before crashing and then rising again.

Some bitcoin, ethereum, and cryptocurrency market watchers point to the next bitcoin halving, when the influx of new bitcoins is halved, as a potential catalyst for the next bullish path for bitcoin price.

“We are about a year away from the next Bitcoin halving,” Alex Thorne, head of research at Galaxy, said in an emailed comment. “Historically, these have been bullish events for digital assets.”

The next bitcoin halving is scheduled for late April 2024 and will see the bitcoin block reward issued to miners cut to 3.1 bitcoins, down from 6.2 currently.

Sources

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2/ https://www.forbes.com/sites/digital-assets/2023/03/21/14-trillion-earthquake-fidelity-and-blackrock-are-quietly-laying-the-groundwork-for-the-next-bitcoin-ethereum-and-crypto-price-bull-run/

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