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The bitcoin price reached its all-time high in March but has since fallen below $60,000. Fears of a stock market crash and recession are rising, with the FBI issuing a serious crypto warning.
Morgan Stanley is set to trigger an ETF (exchange-traded fund) earthquake by allowing its 15,000 financial advisors to offer spot bitcoin ETFs to some clients. However, there will be restrictions on who can buy these ETFs, including a $1.5 million net worth and an aggressive risk tolerance.
Despite the success of the first spot bitcoin ETFs in January, other banks have been slow to follow suit. Morgan Stanley’s move could lead to an even bigger wave hitting the bitcoin price.
The dozen spot bitcoin ETFs have already grown to $57.2 billion in total assets since their launch in January, with BlackRock’s IBIT fund topping $21.5 billion.
BlackRock CEO Larry Fink has admitted he was wrong about bitcoin and now sees it as a “legitimate” financial instrument. Traders are struggling with low market liquidity, but Bitfinex’s head of derivatives expects the bitcoin price to range between $61,000 to $70,000, providing an accumulation zone.
Source: https://www.forbes.com/sites/digital-assets/2024/08/04/leak-reveals-crypto-is-braced-for-a-huge-blackrock-and-wall-street-etf-earthquake-after-60000-bitcoin-price-crash/