Rising Institutional Interest in Crypto
Crypto Report
May 10, 2024
DAILY MARKET OVERVIEW
More Banks Buying BTC πͺ
Hey there Crypto Enthusiasts! : This is a condensed version of our newsletter. We'll be fully back and ready to roll on May 13, 2024! π
An increasing number of institutions are gaining exposure to Bitcoin, with notable recent examples being Wells Fargo, the third-largest bank in the United States, disclosing holdings in a spot Bitcoin ETF. π¦
Furthermore, filings with the Securities and Exchange Commission (SEC) this week revealed that 186 wealth managers reported owning Bitcoin ETFs.
Despite the current downward trend in the markets, which analysts view as a normal correction, expectations are high for alt season to follow once the correction has concluded.
The institutional interest demonstrated by major players like Wells Fargo and numerous wealth managers is a great bullish sign for crypto.
#Altcoins $BTC
Yes, we've seen a correction, but if you look at the Totalmarketcap, you'll see that we are fully on track.
-2015/2016 or 2019/2020 look very similarπ―
-Trend line is holdingβWhat's missing now is the parabolic curve.
β ππ π¦π€π₯ππβπ 𧲠(@el_crypto_prof)
4:45 PM β’ May 10, 2024
NEWS OVERVIEW
Recent Crypto Events
Major Players Embrace Bitcoin ETFs, Invest $20 Million in Q1. US Bancorp and Rothschild firm disclosed substantial investments in spot Bitcoin ETFs, amounting to around $20 million in the first quarter, signaling growing institutional interest.
Trump's 'Mugshot' NFT Event Sparks Memorable Moments. Former President Donald Trump hosted a dinner for fans of his "Mugshot" NFT collection, making several notable remarks during the event.
Marathon Digital's Q1 Revenue Falls Short Due to Operational Challenges. The Bitcoin mining company Marathon Digital missed its Q1 revenue expectations, leading to a 1.5% drop in its shares during after-hours trading on Thursday.
Biden Backs Gensler as House Moves to Rein in SEC Power. President Joe Biden has pledged support for SEC Chair Gary Gensler after the House advanced a resolution to overturn SAB 121, aiming to check the SEC's authority.
The information provided in this newsletter is for general informational and educational purposes only. It should not be considered financial advice or a recommendation to buy or sell. Please consult a qualified financial advisor for personalized advice that considers your individual financial situation and goals.