Wall Street firms are expected to keep expanding into crypto, despite growing competition and minimal correlation between Bitcoin and traditional indices like the S&P 500 and Nasdaq.
A Bloomberg report highlights that managing crypto assets is significantly more complex and costly than traditional ones, with crypto custody costing up to ten times more due to heightened security demands.
Exchanges such as Bybit, OKX, and Kraken continue to lead in trading volume, while Coinbase and BitGo dominate the growing custody market, currently valued at $300 million and expanding at 30% annually.
Traditional financial giants like BNY Mellon and State Street are looking to enter the crypto custody space, though regulatory challenges, like the SEC’s SAB 121 rule, pose hurdles.
Despite this, firms such as JPMorgan Chase are capitalizing on the market’s potential. Crypto also offers diversification opportunities, with Bitcoin’s price movements showing little correlation to traditional markets, maintaining its appeal as an independent asset.
On September 18, during an interview at Token2049, Alex Svanevik, CEO of blockchain analytics firm Nansen, shared his insights on the potential impact of the 2024 U.S. presidential election on the cryptocurrency landscape.
Donald Trump and his sons launched their DeFi project, World Liberty Financial (WLFI), during a lengthy X Spaces session on Monday, but the event fell short of expectations.
The Swiss Stock Exchange, SIX, is setting its sights on the digital asset market by establishing a foothold in Europe for cryptocurrency trading.
Cryptocurrency exchange Bitget and Foresight Ventures have announced a significant $30 million investment in The Open Network (TON) blockchain.