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Bitcoin’s price, which lately is bouncing around $64,000 in line with Bitcoin, has pulled back from its all-time high of roughly $74,000 reached last month (though some are heading for a $35 trillion game-changer).
Now, after a senior Federal Reserve official issued an “unbelievable” response when asked when the Fed would include bitcoin on its balance sheet, a primary leak from a Wall Street bank has fueled the hypothesis that bitcoin could be hit by a one-off exchange earthquake. Negotiated Budget (ETF).
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Morgan Stanley could simply give its 15,000 traders the green light to introduce a fleet of newly approved Bitcoin spot ETFs, AdvisorHub reported, citing anonymous sources.
“We’re going to make sure we’re very careful about it,” a Morgan Stanley executive told AdvisorHub without giving a timeline for the decision. “We’re going to make sure that everyone has to do it. We just have to do it. “in a controlled manner. “
Currently, banks are expected to engage in spot bitcoin ETF conversations with their advisors.
Morgan Stanley will reportedly identify threat control needs for solicited spot Bitcoin ETF purchases, adding threat tolerance and limits on allocation and trading frequency.
“Our clients are not betting on Bitcoin,” another Morgan Stanley executive reportedly told AdvisorHub. “For most of those people, it’s interesting, so they invest a little bit of money. “
Earlier this month, an anonymous and influential Bitcoin commentator claimed on X without evidence that Morgan Stanley was looking to “be the first telecommunications organization to fully endorse Bitcoin ETFs,” bringing up “several” executives at the bank.
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Bitcoin’s value surpassed its all-time high this year, to over $70,000 in line with Bitcoin following the launch of a fleet of spot Bitcoin ETFs on Wall Street.
Last month, Matt Hougan, chief investment officer at Bitcoin ETF issuer Bitwise, predicted that opening up Bitcoin ETFs to retail investors, hedging budgets, and independent financial advisors would bring about an “even greater” wave of Bitcoin value increase than the ETF approvals in January.
Wall Street’s fleet of new Bitcoin ETFs arrived just before Bitcoin’s fourth halving last week.
“Bitcoin’s supply shrinks at a time when institutions are buying the asset in batches. The effect of the halving is not instantaneous, but it provides, in the short term, the catalyst needed to revive retail interest, which we have already done. “We’ll really see in 2024 compared to past cycles,” Josh Gilbert, a market analyst at trading platform eToro, said in emailed comments.
“After the halving, only 450 bitcoins are mined each day, while establishments have accumulated 835,000 bitcoins since their inception. If we continue to see the interest in bitcoin ETFs that we’ve had since the beginning of the year, there’s an apparent supply/imbalance in demand. “