Bitcoin Price Prediction as Traditional Finance Giants Citadel, Fidelity and Schwab Enter Crypto – Can BTC Hit $1 Million?
Bitcoin, the leading cryptocurrency, faces an intriguing future as major players from the traditional finance sector, including Citadel, Fidelity, and Charles Schwab, officially enter the crypto space.
Despite regulatory challenges and previous setbacks in the industry, the participation of established institutions demonstrates sustained long-term institutional interest in cryptocurrencies.
This raises the question of whether Bitcoin can reach unprecedented heights, with some speculating about the possibility of it hitting $1 million.
Bitcoin has started the week with an impressive rally, holding steady at around $30,000 in its trading range. Notably, this surge represents a remarkable weekly increase of nearly 20%.
In a significant move, renowned financial institutions Charles Schwab, Fidelity Digital Assets, and Citadel Securities have entered the cryptocurrency market.
Backed by these giants, a crypto exchange called EDX Markets has officially launched trading in four popular crypto assets, including Bitcoin, Ether, Litecoin, and Bitcoin Cash.
With EDX aiming to cater to the needs of major financial institutions, it presents an alternative for those cautious of centralized crypto service providers.
The above development follows BlackRock's recent application to launch the first spot Bitcoin exchange-traded fund in the United States.
According to Vetle Lunde, a senior analyst at K33 Research, approving a spot Bitcoin ETF would have a profound impact on the market structure of Bitcoin. It would make it easier for financial advisors to include Bitcoin in their portfolios.
Cathie Wood, the CEO and Chief Investment Officer of ARK Invest, recently shared her optimism about Bitcoin's price and set a target of $1 million.
Wood
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