Wall Street Infuses $24B Into Major Cryptocurrencies

In Investments, News
Wall Street

Who says the cryptocurrency industry is already fading?

It might be that other stakeholders are afraid or a bit skeptical to invest in the cryptocurrency market because of volatility but there is no stopping the Wall Street major firms from doing otherwise.

It is indeed a fact that cryptocurrency is pushing forward to the core of the world’s largest financial market. And to back its effort, leading companies on Wall Street willingly endorse Bitcoin and other major cryptocurrencies which amounts to billions of dollars.

Circle reveals a massive $24 billion in demand from investors last year. It is a company backed by Goldman Sachs which recently reported that its over-the-counter (OTC) cryptocurrency business was capable of accomplishing more than 10,000 trades with an array of various assets.

According to a section of its recent blog post, “Our OTC trading business, Circle Trade, has continued to expand despite a tumultuous year for the industry: we onboarded a record number of new institutional clients (more on that below), grew our trading operations to 24/7 with coverage in the US, Europe, and Asia, and added significant workflow improvements, including the launch of our RFQ Electronic API…”

The blog post continually states that “Circle Trade has become a core liquidity provider to the entire crypto ecosystem — including miners, exchanges, project developers, and founders — and to the new crypto asset investor base of VCs, crypto funds, hedge funds, and family offices all around the world.”

With Goldman Sachs’ decision to assist the crypto industry, proposals that surround the cryptocurrency society are positive regarding the probabilities of the digital market. This, in particular, the period when the traditional fiat money did not go well in leading countries across Europe and Asia.

Analysts are optimistic that the new year will generate a refreshed hope in the cryptocurrency industry. This particularly applies in Asia where the Islamic Republic of Iran eyes a national cryptocurrency to deliver financial endorsement to the country following its fiat currency’s incompetence because of the economic sanctions laid down by the US government.

For the past few days, Ethereum (ETH) has regained its position against Ripple (XRP). Vitalik Buterin created this cryptocurrency in 2015 and until this time, almost 10% of its nodes have upgraded in the apprehension of the platform’s impending hard fork.  Ether is the native digital currency utilized for all the transactions on Ethereum’s blockchain. It has a transaction rate of just a few seconds compared to the 10 minutes or more of Bitcoin.

The Constantinople upgrade is slated to go live on January 16 and is developed to associate a couple of network enhancements and lessen the block mining reward from 3 ETH to 2 ETH instead.

Bitcoin remains as the number one cryptocurrency despite its struggle to maintain its great value. Known the oldest cryptocurrency, it has the largest society of developers and investors supporting its development. Besides, it is easy to purchase even for the novice since it is backed by all major exchanges and wallets. Furthermore, it is widely accepted as a form of payment and is accepted in the mainstream economy such as Expedia.com, Microsoft, Overstock.com, and Bloomberg to name a few.

The decision of the Wall Street major companies to adopt and back cryptocurrencies will provide a better perspective for the users and investors alike.

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