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The surge in cryptocurrency usage and other decentralized products has created dozens of opportunities for giant institutions. However, since the approval of Bitcoin spot ETFs, the crypto industry has seen an inflow of billions of dollars.
Morgan Stanley seeks to beat UBS in becoming the first wirehouse to approve Bitcoin ETF fully; the company’s plan was uncovered by Andrew (AP_Abacus) on ‘X.’ He notes that the bank “may announce a few days before” its move into Bitcoin ETFs.
Some leading players that have already debuted the Bitcoin spot ETFs include BlackRock, GrayScale, Fidelity, Ark Invest, and others. In the same thread, Eric Balchunas, an ETF expert at Bloomberg, notes that neither Morgan Stanley nor UBS has added ETFs, citing “solid source.”
Eric suggests, “Still in a holding pattern, in a compliance game of chicken, waiting for one of them to go first, then gives rest cover. So probably there will be an all-at-once type moment when that is the question.”
Dozens of other viral news articles also claim that there is a chance that Morgan Stanley is on the verge of debuting its Bitcoin spot ETF. The claims have yet to be verified by both firms, but there is speculation that the news is legitimate.
Other News
Bitcoin ETF of GrayScale and Ark Invest saw a considerable outflow in the past two weeks. Although the spot ETF by BlackRock is constantly attracting new traders and huge funds.
On April 02, 2024, the ARKB ETF saw an outflow of $88 Million; at the same time, the GBTC ETF lost only $82 Million. The weakness in the buying volume was observed following the sudden decline in the trading price of Bitcoin.
Most recently, the subsidiary of GSR Markets has secured a significant payment institution (MPI) from the Singaporean Financial Authority(MAS). The company gathered approval on April 01, 2024, from MAS Singapore.
The press release of the GSR Markets quotes that it is the first company to secure the entire MPI license in the nation. It is crucial to note that presently, 19 companies are offering cryptocurrency services and digital payment token services, and they also have MPI licenses.
Crypto Market Overview
The cryptocurrency market is flourishing constantly; in the past few months, millions of new users have entered the market. Since the beginning of 2024, the cryptocurrency market has experienced higher highs; at the time, it was $2.54 Trillion.
Bitcoin, the leader, is trading at $67,718 with an intraday growth of 1.76%. However, its trading price fell over 4.40% weekly. Ethereum lost 5.38% in the past seven days; at the time, it was trading at $3,381 with a market capitalization of $405.87 Billion.
Some analysts believe that the boost in the market is solely backed by the Bitcoin spot ETF and yet to be approved Ether spot ETF.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
