Crypto markets continue climbing these days, following more promising news when taking into consideration institutional investors adoption, as well as the technology which underpins Bitcoin. The institutional investor adoption was driven by Fidelity Investment, declaring that Bitcoin trading is going to be available to the institutional clients within several weeks.
CFTC prepared to approve ETH
Moreover, pushing the institutional adoption narrative were some insider reports which say that the CFTC is prepared to approve Ethereum or ETH derivates. The top news related to Bitcoin was the publication of the BIP drafts; the formalization of a few ideas which, for many years, were discussed abstractly by the developers of Bitcoin.
In the markets of today, Bitcoin almost crossed the $6,000 mark – a price which was not seen since the 14th of November, of last year. Bitcoin or BTC since then retracted to $5,962, which still accounts a 3.44% jump over the previous several hours. As for Ether or ETH, it moved about 2.5% higher to $180.46. In the end, the MVIS CryptoCompare Digital Assets 10 Index has increased by 1.19%, to approximately 2,918.50.
Fidelity Investments will roll out BTC trading for institutional clients
The $7 trillion investment firm of the United States, the famous Fidelity, is going to roll out Bitcoin or BTC trading for institutional clients in the upcoming weeks, according to some reports from recently.
Citing one source that wanted to be anonymous, the publication has revealed the crypto-focused spin-off of Fidelity, the Fidelity Digital Assets, is going to add to the existing range of services. The subsidiary launched in October of last year, and offered crypto custody from March 2019, ahead of planned OTC or over-the-counter trading.
Fidelity Investments is going to buy, as well as sell Bitcoin on behalf of institutional clients within several weeks. The financial brokerage giant has announced its plans to launch a new crypto trading, as well as custody business, the Fidelity Digital Assets in October 2018, just like we already mentioned.
Now, the trading side is going to go live for the users of Fidelity in as little as few weeks, according to the source, and is primarily going to target the large-volume traders, such as other OTC offerings.
While Fidelity has still not confirmed the time frame, the company hinted that its future direction is only going to involve more integration with the space of Bitcoin. A representative from Fidelity Investments, named Arlene Roberts, said that they currently have a select set of clients they are actually supporting on their platform.
She also added that they are going to continue to roll out their services over the upcoming weeks and months, based on the needs, jurisdictions and other factors of their clients. Right now, their service offering is mostly focused on Bitcoin.
The results from the ten-week-long survey
The report actually came on the back of the ten-week-long study which was conducted trying to understand better how the institutional investors perceived the nascent asset class. Last week, Fidelity revealed the results of this survey. Overall, the responses that the 441 surveyed institutional investors in the United States gave were interpreted positively by Fidelity, and the by the entire crypto industry too.
About 22% of the over 441 institutional investors that responded said that they already owned the crypto as part of their portfolio. Almost half of them were sympathetic to including it.
The president of Fidelity Digital Assets, named Tom Jessop, commented in an accompanying press release, saying that more institutional investors were engaging with digital assets, either through service providers or directly, as the potential effect of blockchain technology on the new or old financial markets, will become more readily apparent.