Tue, 04/27/2021 – 13:30
CRYPTO MOVERS AND PRICES
Crypto was broadly higher this morning with Ethereum (ETH) threatening a move above record highs of about USD 2,600. Ripple (XRP) is outperforming in the Top 10.
Crypto Story of the Day
In the past several weeks, Charles Schwab, NatWest, and HSBC have expressed caution over the adoption of crypto. While the asset class has seen accelerated adoption, there remains plenty of institutional reservation.
Charles Schwab CEO Walt Bettinger said on a call with analysts last week that the institution “would like to see more regulatory clarity” in regards to crypto before offering investment services for the space. Bettinger added that “[i]f Charles Schwab, the company, decides to participate in the crypto market, we will be highly competitive, we will be disruptive, and we will be client-oriented.”
Also last week, a board member of UK bank NatWest described that institution as taking a “cautious approach” to crypto and noted that the institution has “no appetite” for clients involved with crypto. The board member described crypto as “high risk.”
Earlier in the month, HSBC confirmed that it had barred customers using its InvestDirect platform from investing in MicroStrategy. The bank told crypto news outlet The Block that it “has no appetite for direct exposure to virtual currencies [VCs] and limited appetite to facilitate products or securities that derive their value from VCs.”
Toronto-based TD Bank has been actively limiting the ability of its customers to buy crypto for several years, in spite of roughly 10 crypto-based ETFs having been approved by regulators. As we say that, however, some of the most ardently opposed traditional financial firms have recently shown they can “flip.” JPMorgan began accepting crypto businesses for the first time in May 2020, signing on Coinbase and Gemini as clients.
On Monday, CoinDesk reported that JPMorgan plans to offer private wealth clients an actively managed BTC fund this summer. This is in spite of high profile crypto criticism from JP Morgan CEO Jamie Dimon in the past, describing the coin as “a fraud” in 2017.
New participants in the crypto space have consistently tapped crypto-native firms for assistance, i.e. PayPal and Paxos, JPMorgan and NYDIG. We’ve previously described this as mainstream adoption and attention that have outpaced the understanding of BTC and crypto. This is partly due to highly-technical events, like hard forks, which have little legal, accounting, and other precedent. Such crypto-specific events complicate the ability of institutions to participate, particularly without crypto-native firms offering guidance.
Having said that, we find that despite what we’ve seen in the last 6 months, those that have entered the space are, in comparison to their counterparts, early pioneers. The reality of the situation is that, in spite of there being unprecedented institutional adoption underway, the baseline for many such participants remains cautious.
Please sign up for a free trial of FRNT Financial Morning Note.
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.