• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Sensei Inu Logo

Bloomberg: Wall Street Putting A Pause On Bitcoin Foray

Nick Chong by Nick Chong
5 years ago
in Bitcoin
Reading Time: 2 mins read

While 2017’s narrative in the crypto industry was undoubtedly the initial coin offering (ICO) craze, 2018’s was evidently the advent of Wall Street participants. And while strides were made with institutional involvement, with Nasdaq and the Intercontinental Exchange (ICE) both openly backing crypto assets, Bloomberg has claimed that efforts to bring Bitcoin to Wall Street remain in “limbo.”

Institutions Putting A Pause On Bitcoin Amid “Crypto Winter”

Since a majority of retail investors fled crypto as the “bubble” unwound, those left standing have sought a light at the end of the tunnel. This, of course, took the form of a multitude of pro-institutional narratives that quickly became the rallying cry, or even call to arms, for the subset of investors dubbed “HODLers.”

Related Reading: Why Are Novogratz, Fidelity, And Bakkt Banking On Institutional Crypto Investors?

And initially, it seemed that the cries for Wall Street to show up on crypto’s porch were working, as leading American banks and financial service providers downed the red pill. Yet, reports from Bloomberg have accentuated the fact that institutions are putting a pause on their Bitcoin efforts, presumably due to the downturn that has plagued every corner of this nascent market.

As reported by NewsBTC in August, sources claimed that Goldman Sachs was on the verge of becoming a cryptocurrency custodian. The sentiment touted throughout the industry made it clear that pundits thought Goldman’s custodial service would be open by year’s end. But since the report, the New York-based juggernaut hasn’t announced plans for such an offering, or even the long-rumored trading desk.

Speaking to Bloomberg, Daniel H. Gallancy, the chief executive at Bitcoin ETF hopeful SolidX Partners, claimed that the industry had “unrealistic expectations that Goldman or any of its peers” were poised to launch a crypto-centric platform so soon. Gallancy added that such sentiment was “top-of-the-market-hype thinking.”

The story over at Morgan Stanley was much of the same. According to those familiar with the matter, Morgan Stanley has been “technically prepared” to offer Bitcoin swaps since September but still hasn’t traded a single contract — not one. And again, Citigroup’s cryptocurrency foray is seemingly in a similar state of disarray. Just like Morgan Stanley, Citigroup has been hesitant to trade crypto-backed products.

Even Barclays, one of the first mainstream banks to hint at support for cryptocurrencies, has stumbled, losing the heads of its in-house digital assets branch in September and November.

Probably Isn’t As Bad As It Seems

While the aforementioned is likely disheartening, institutional players have hinted at abounding interest in crypto. Fidelity Investments, for instance, recently announced a custodial and trade execution offering for its 13,000 institutional clients, which primarily consist of family offices, hedge funds, and high net-worth individuals. Rumors indicate that the platform is slated to launch in Q1 of Q2 of 2019.

Bakkt, the crypto platform backed by ICE, Microsoft, and Starbucks, is also slated to launch its physically-backed Bitcoin (BTC) futures product in January, which should make institutions more acclimated to this budding market.

Featured Image from Shutterstock
Tags: bitcoincryptowall street
Tweet123Share229ShareSend
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin and Ethereum

Will Ethereum Flip Bitcoin? Crypto Analyst Explains How

20 hours ago
Bitcoin BTC price October

Bitcoin News: Analysts Reveal Forecasts For October As BTC Price Pushes Past $28,000

1 day ago
Bitcoin price

Bitcoin Price Skyrockets Past $28,000, Here’s Why

1 day ago
Bitcoin

Crypto Analyst Tips Bitcoin (BTC) To Reach $40,000 In Q4 2023

2 days ago
Why Is Bitcoin Price Up Today

Why Is Bitcoin Price Up Today? Insights From Leading Analysts

4 days ago
Bitcoin vs bonds

Bonds Out, Bitcoin In? Bloomberg Analyst Predicts Major Portfolio Shifts

5 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Traders Union Analysts Provide In-Depth ActiveTrades Review

    3 hours ago
  • Sportsbet.io Secures New Influencers for Ongoing Campaign

    4 hours ago
  • Meme Coins Won’t Make You Rich, But This Might

    6 hours ago
  • Everlodge, THORChain, and The Graph: Crypto Experts Predict...

    6 hours ago
  • Tradecurve Markets Set to Skyrocket 4,000% as Cosmos Hits...

    6 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.