The rise in the crypto money market, especially Bitcoin (BTC) and Ethereum (ETH), created an atmosphere of enthusiasm for investors.
According to the news of Coindesk, Bank of America, evaluating this rise in the crypto market, said that the crypto sector continues to develop despite the harsh corrections and bankruptcies it experienced in 2022.
Pointing to the high institutional demand for crypto, BoF analysts Alkesh Shah and Andrew Moss noted that Nasdaq is the latest traditional financial institution to offer crypto services.
“Institutional investors continue to be interested and focused on blockchain technology.
However, bankruptcies in the crypto sector can slow institutional trade and interest.
At this point, reliable and experienced TradFi companies that offer corporate-grade products can fill the void left by bankruptcies.
The SEC's stance towards the cryptocurrency industry may limit the custody services of cryptocurrency exchanges. This will attract more TradFi institutions to the field.
In our view, TradFi institutions will continue to be the preferred party against crypto exchanges."
As will be remembered, the Nasdaq bank stated in a report published at the end of March that it plans to launch its crypto custody service by the end of the second quarter of 2023.
*Not investment advice.