Following a breakout year for cryptocurrencies, 2018 has been extremely challenging — to say the least.
With Bitcoin and numerous altcoins[1] hitting all time highs[2] in December, a sobering market correction followed and the markets have only started to settle[3] midway through this year.
There have been many reasons for the cryptocurrency markets being battered by bearish sentiments across the board.
However, having passed the midway mark of the year, there are increasingly encouraging signs that institutional investors are changing their tune once again — hinting that mainstream adoption[4] is around the corner.
Furthermore, Bitcoin has reached market cap levels last seen in December[5], with 46 percent of the total market dominated by the preeminent cryptocurrency. With its price holding steady around $7,500, there are signs that a bearish market[6] may be coming to an end.
Let’s take a look at the biggest Wall Street players that seem to be laying the foundation needed to enter the crypto markets on a grand scale.
Blackrock puts feelers out
In July, Blackrock — the world’s largest exchange-traded fund (ETF[7]) — announced that it has launched a working group[8] to assess the potential of investing in Bitcoin.
The cross-industry working group is exploring a number of investment options, but it’s understood that Bitcoin futures are on the agenda. It marks a change in sentiment from Blackrock in particular, considering that CEO Larry Fink had described Bitcoin as ‘an index of money laundering’ in October[9].
Investor FOMO?
Blackrock’s move could be described as a preemptive strike to
