cryptocurrency

Report: Wall Street Interest in Crypto Hits New High, With Trading Revenue on the Rise


New analysis from a prominent research firm says Wall Street investors are breaking into cryptocurrency at an accelerating rate.

According to Sanford C. Bernstein & Co., Wall Street is increasingly taking advantage of crypto custody, asset management and market-making services, as more options for traditional traders hit the market.

“As the crypto-asset class seasons and institutional demand builds, there are a plethora of opportunities for traditional firms,” the analysts wrote, as reported by Bloomberg.

In addition, Bernstein analysts say crypto exchange trading revenue could double this year, reaching as high as $4 billion. Last year, that number hit $1.8 billion.

The research report also compares the average daily volume of cryptocurrency to traditional finance, revealing the market is still remarkably small by comparison. Daily volume of all crypto assets is at about $16 billion, compared to the US equity markets at more than $300 billion.

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Analysts at Diar point out that interest from Wall Street, however, may be a double-edged sword.

“The interest from major financial houses is a significant step forward for the cryptocurrency. However, the institutional drive could metaphorically strip Bitcoin’s utility as a currency for trade, should it become seen [as] a holding asset as it forms into what enthusiasts have been voicing all along – digital gold.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin or cryptocurrency. Your transfers and trades are at your own risk. Any losses you may incur are your responsibility. Please note that The Daily Hodl participates in affiliate marketing.

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