Financial GiantsRace to
Bloomberg has revealed that US financial services giant Fidelity Investments may only be weeks away from offering Bitcoin trading options for institutional clients. It will also launch a crypto custodial service.
Meanwhile, other reports have also surfaced of other financial firms such as Ameritrade and E-Trade, who are quietly testing Bitcoin trading on their respective platforms. Among all three companies, there are now about USD 4 trillion in asset under management. All of them have expressed interest in going into the Bitcoin trading business, although Fidelity will only focus on institutional clients, while E-Trade will also open doors to retail clients.
The race to open Bitcoin and other crypto trading to institutional investments is well and truly on, and many analysts believe that this will be the catalyst for a lasting momentum and rally to awaken Bitcoin from its current slumber, pushing it on its way to new heights.
Fidelity currently boasts an assets under management above USD 2.4 trillion so this news could signal the start of a huge rally for Bitcoin, particularly as the firm also has more than 27 million customers. Early this year, it said that its Fidelity Digital Assets crypto custodial platform would be available in March, although it seems the postponement has been because of the Bitcoin trading desk.
All this new developments have come on the back of consecutive weeks of growth enjoyed by Bitcoin, which is right now pushing at its resistance level of USD 6,000, while the rest of the crypto market is witnessing strong gains.
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