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After hitting a new annual high, the cryptocurrency market retreated Saturday as traders posted profits on their most recent gains. According to Fidelity Investments, the path to the next bull market for crypto has already been traced by institutions ready to enter space.
The point on the market of crypto
After peaking at $ 188 billion on Friday, the cryptocurrency market fell to $ 181 billion, according to CoinMarketCap.
The reversal comes just hours after Bitcoin (BTC) exceeded US $ 5,800 on most major exchanges and peaked around US $ 6,100 in Bitfinex. The recovery boosted Bitcoin's dominance rate to more than 55 percent for the first time since December. For the week, the main digital currency has grown more than 10%.
At the time of writing, the price of bitcoin was down 2.7% to $ 5,667.04, according to CoinMarketCap.
The top 25 altcoins and tokens registered losses in the first session of Saturday. Bitcoin cash (BCH) fell 5.5% to $ 277.93. BCH briefly traded Friday at over $ 300, peaking around $ 311.
Litecoin (LTC) traded at $ 76.40, down 4.2% on the day. Ethereum (ETH) fell 3.8% to $ 162.86. The XRP was down 2.6% at $ 0.301933.
For more information, check out the Weekly Review of Hacked.com: The Bitcoin Bulls Eye Reaches $ 6,000 As Speed Rises, Facebook Raises $ 1 Billion for New Cryptocurrency.
Despite this decline, cryptographic assets remain in a dominant uptrend – a trend that could last several months before the next major easing. Unlike previous rallies, bitcoin has been the most influential factor in recent growth. This is partly because Bitcoin has already started a new four-year cycle. Encouraged by growing adoption trends, technical progress and improving business conditions, the strongest Bitcoin supporters anticipate a significant buildup in the coming years.
Loyalty: the institutions arrive
According to a recent survey of institutional investors on behalf of Fidelity Investments, it is only a matter of time before wealthy investors, family offices and mega-businesses on Wall Street do enter the cryptocurrency market.
On Thursday, Fidelity's Digital Asset Division revealed that almost half (47%) of respondents believed digital assets to be an "innovative technology game." Family offices and financial advisors are the most likely to positively perceive the asset class.
According to Fidelity, "institutional investors are extremely supportive of the appealing characteristics of digital assets" and "nearly seven out of ten respondents cited some features of digital assets as attractive".
Hacked is closely monitoring the institutional angle and has identified several major developments that could be a stepping stone for adoption in the near future. The following article gives an overview of these developments.
For Fidelity, the asset manager was one of the first users of digital cryptography on Wall Street. As reported by Hacked in October 2017, Fidelity has been operating cryptocurrency since at least 2014. Early this year, it was not surprising that it had launched the first Wall Street Cryptographic Guard Service. . The initial deployment, which began in March, was perhaps the last nail in the coffin of what is called "crypto-winter".
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, will probably be the next big driver of the cryptocurrency market. ICE has already raised more than $ 740 million for its future Bakkt platform, which aims to simplify the adoption of bitcoin in three areas: investment, business and consumption.
Last week, Bakkt announced the acquisition of Digital Asset Custody Corporation (DACC), approaching the development of a new cryptographic protection solution. The start-up joins BNY Mellon to secure the private keys and has already taken out a $ 100 million insurance for a cold storage solution. Read more: Bakkt paves the way for the next Bitcoin bull market.
Disclaimer: The author is the owner of Bitcoin, Ethereum and other crypto-currencies. He holds investment positions in coins, but does not engage in short-term or day trading.
The selected image is a courtesy of Shutterstock.
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