Wall Street bigshots enter Bitcoin and crypto markets amid bullish BTC signs

Wall Street bigshots enter Bitcoin and crypto markets amid bullish BTC signs
“Wall Street” by Sjoerd van Oosten is licensed under CC BY-NC-ND 2.0
  • Jump Trading, GTS, and Jane Street are looking to step up their Bitcoin and crypto trading offerings.
  • Bitcoin returned 146% annually as of Friday compared to gold which returned 0%.
  • Bitcoin miners have been in accumulation mode during the previous 6 months.

JAIPUR (CoinChapter.com) – Prominent Wall Street trading firms Jump Trading, GTS, and Jane Street look to bump up their Bitcoin and cryptocurrency trading offerings amid bullish long-term prospects signaled by BTC and the cumulative digital asset market.

The three Wall Street bigshot equity trading firms debuted their crypto trading offerings back in 2017. But the development remained largely under the radar. Surging institutional interest in Bitcoin and other virtual currencies, including DeFi markets, motivated these veteran US equity market firms to spruce up their offerings.

Related: German institutional investors can now invest in the bitcoin and crypto markets.

“We’ve seen institutional interest grow significantly and we are actively sharing our expertise to support more efficient crypto markets.”

Mina Nguyen, Jane Street’s head of institutional strategy told Financial Times

GTS plans to launch proprietary cryptocurrency trading through its brand new digital asset offshoot Radkl. The offerings will cover the entire crypto market Bitcoin to the DeFi space.

Jump Trading too is in the works to float a separate 80 personnel unit (with Kanav Kariya as the president) that will primarily deal with blockchain assets. Kariya indicated that Jump Trading’s high-performance trading offering experience spanning decades would especially come in handy.

The timing couldn’t be any better with the benchmark cryptocurrency riding high on bullish fundamentals.

Bitcoin And Its Bullishness

Over the years, Bitcoin garnered a reputation for being digital gold and a store-of-value asset due to its inherent deflationary nature. However, MicroStrategy founder and CEO Michael Saylor recently pointed out that the flagship cryptocurrency beat gold on the “store-of-value” meter.

 Related:  MicroStrategy goes for a fresh batch of Bitcoin, buying the dip. Again.

“#Gold is down 10.5% in the same year #Bitcoin is up 332%. Gold has returned 0% per year in the same decade Bitcoin has returned 146% annually. Why do we still debate which is the superior store of value?”

Saylor tweeted today

And this is exactly why Bitcoin miners are still not ready to dump their holdings in the market. On the contrary, data from Glassnode suggests that miners are as bullish as the long-term believers and investors who anticipate the top crypto asset to hit a 6 figure price soon.

Related: Cathie Wood’s ARK Sees Bitcoin Prices at $200,000-500,000

” #Bitcoin miners have been in accumulation mode over the last 6 months, with the unspent supply climbing by 13,000 $BTC since January. After a small spend of ~1,360 $BTC in late August, it appears miner balances are increasing once again.”

said the Zug-based crypto market data analytics firm with the below chart
Miner Bitcoin balances increased by 13,000 BTC in the last 6.5 months
Miner Bitcoin balances increased by 13,000 BTC in the last 6.5 months. Source: Glassnode

Bullish Bitcoin analysts are confident about their 6-figure price calls now more than ever.

“I remember this time last year telling everyone I know that #bitcoin would be at 63k by mid 2021 minimal in the first run up before pulling back to the 1.272 and then blowing up to 200k+ look where we are CoinsKid crew

So far so good!! FIBS do not lie!! Holding key support!!”

observed Twitter-based analyst CoinsKid who goes by the handle @tomskiweb

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