Banks, Investment Institutions Gradually Accepting Crypto

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2021-11-09 20:22:03

The general market has grown as BTC rises above $50,000. The amount of BTC moving in profit increased as BTC increased and is now at 87%. But the amount of Bitcoin on exchanges continues to decrease. Other altcoins also surged like ETH, SOL,…

A share of Will Clemente on Twitter based on Glass node’s on-chain data mentioned by many people.

He said that at the end of August, there was a large amount of BTC leaving the Coinbase exchange. At the same time, there was also a large amount of BTC loaded onto the Binance exchange. This coincidence is widely believed that because of the high fees on Coinbase, some investors have withdrawn from Coinbase and moved to Binance. This assumption is not reasonable because it is not easy for US people to use Binance exchange, they can only use Binance US.

In addition, Coinbase has high fees, so large capital investors can completely switch to Coinbase Pro to enjoy lower fees. Recently, we have seen more signs of profit taking on the Binance exchange, so maybe this is the reason why the number of BTC pushed on this exchange increased.

Along with the growth and gradually becoming a part of the financial market, banks do not want to be left out. Vast Bank announced to become the first US bank to allow buying, selling and holding of Crypto directly with its bank account. It’s time for the bank to let its customers buy and hold crypto directly, can buy coins like BTC, ETH, ADA, LTC, BCH, FIL,… Although this is a small bank, it is It is also the first step for larger banks to enter this market.

Next, major investment firm Franklin Templeton, with over $1.56 trillion in assets, is looking for a Bitcoin analyst and crypto researcher.

US Global, which manages ETFs related to gold and gems, also said that the demand for investments in Bitcoin by customers is increasing. In its filing with the SEC, in the first six months of 2021, their clients’ investments in gold and gems fell by 3.82%. Meanwhile, investment in the S&P 500 rose 15.25%.

The investment in gold and gems did not grow but also caused the company to lose money. The company also admitted that the investment in gold was faulty by the influence of Bitcoin. So, three of the eight US Global funds invested more than $566,389 in Grayscale Bitcoin Trust’s GBTC stock. In which, the Gold and Precious Metals Fund purchased 302,899 GBTC, the Precious Minerals Fund invested 222,532 GBTC and finally 40,958 GBTC in the Global Resources Fund.

Not only that, the company Twitter was also quick to act. They are testing and will soon let users add BTC and ETH wallet addresses to their Twitter accounts.

BTC or ETH has been so dominant in the crypto market. But recently, the waves of NFT have also had an impact and attracted a large number of users into the crypto market. Although many people do not believe or say that it is virtual. But the NFT will still thrive by those who believe in it. The development of NFT also promotes the use of ETH causing higher fees, along with an increase in the amount of ETH burned. These are also positive effects for ETH alone, helping to reduce network inflation and good for long-term price growth.

In general, large companies and banks are gradually realizing that BTC is the trend and it is actually taking the market share of gold. They also see the profit potential and are ready to step in if they don’t want to be left behind other companies and businesses.

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