Banks won’t start crypto trading

The cryptocurrency market is currently dominated by retail investors and traders.

Prime crypto brokerage Genesis Global Trading believes that retail traders will continue to dominate the cryptocurrency market for years to come.

Genesis CEO Michael Moro said so by addressing to Bitcoin devotees in Miami. According to Moro, banks are far from embracing cryptocurrency trading due to the hands-off approach they have taken to digital assets. He said;

“It’s their best proxy attempt for bitcoin participation: for 1, make it look like they’re actually doing something. But 2, more importantly, their regulators at the banking regulator level are looking over their shoulders for everything they do. They are very, very far from being able to trade actual Bitcoin.”

Despite the reluctance of banks to enter the cryptocurrency space, institutional adoption of cryptocurrencies has been on the rise for the past two years.

Institutional banks like Goldman Sachs and Morgan Stanley have rolled out cryptocurrency trading features for some of their exclusive clients.

Companies like JPMorgan and Citi have also entered the cryptocurrency market in various capacities.

The cryptocurrency market has seen tremendous growth over the past few years. Currently, the total cryptocurrency market exceeds $2 trillion, down from the all-time high of $3 trillion recorded in November 2021.

Most banks and other major financial institutions offer crypto services to their institutional and exclusive clients.

Bitcoin and Ether remain the most preferred crypto assets for institutional investors. Bitcoin continues to lead the market in terms of dominance, accounting for over 40% of the total cryptocurrency market capitalization. At press time, Bitcoin is trading just below the psychological level of $45,000.

Ether is the second largest cryptocurrency, with a market dominance of almost 20%. Ether is trading around $3,200 per coin, losing its support level above $3,500.

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