The inaugural Coinbase State of Crypto Summit was focused on regulation and the macro landscape, with institutional investors, corporations, policymakers, and academics in attendance. The sentiment in the industry has been high since BlackRock filed for a spot Bitcoin ETF, signaling that it sees a place for Bitcoin in an investment portfolio. Additionally, Fed chair Powell testified before the Senate Banking Committee, advocating for a federal role in stablecoins to maintain the ultimate source of credibility in money with the central bank. Crypto firms may consider moving overseas to areas with safe regulatory backgrounds due to many uncertainties surrounding crypto in the US. The recent activity in the market, particularly Coinbase’s movement towards Europe, is constructive for the adoption of cryptocurrencies and the entry of institutional money.
The discussion centers around the recent trading activity of Bitcoin and its effect on other cryptocurrencies and institutional investment. While Bitcoin has struggled to break out of a narrow trading range this quarter, it saw some increase in price as more financial institutions have signaled their commitment to crypto. Large brand names, such as Charles Schwab, Fidelity, and Citadel, are backing the new crypto exchange, EDX, which is catering to institutional investors. With the passing of the EU’s comprehensive framework for crypto regulation, and due to many uncertainties surrounding crypto in the US, many crypto firms may consider moving overseas to areas with safe regulatory backgrounds.
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