Bitcoin and ether are gaining back ground after falling to their lowest level in six months on Monday in the first major test of the recently launched crypto exchange-traded funds.This crypto drop is different from prior sell-offs as more investors are vulnerable due to the newly launched spot crypto ETFs.are gaining back ground after falling to their lowest level in six months on Monday in the first major test of the recently launched crypto exchange-traded funds.
Digital asset analysts at Bernstein said in a note on Aug. 5 that unlike previous cycles when it was harder to invest in bitcoin through crypto exchanges, bitcoin ETFs are live and "highly liquid," trading around $2 billion a day. To this point, wealth management businesses on Wall Street were only facilitating trades if customers specifically requested exposure to new spot crypto funds. Morgan Stanley is the first major player to permit advisors to actively recommend a bitcoin allocation to clients.Bitcoin's most recent bull run has directly coincided with tens of billions of dollars flowing into the new spot crypto funds. It's a number that could increase dramatically when more financial advisors get involved.
But as bitcoin becomes more of a liquid macro asset, Bernstein analysts expect crypto to trade largely off "macro and election cues" for most of the third quarter.
Sverige Senaste nytt, Sverige Rubriker
Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.
Källa: nbcchicago - 🏆 545. / 51 Läs mer »
Källa: Utoday_en - 🏆 295. / 63 Läs mer »