JPMorgan to allow crypto trading for institutional clients in latest embrace of the sector

Given the new regulatory landscape for crypto, other major financial companies have also been hopping on the bandwagon. BlackRock manages close to $100 billion in Bitcoin ETF assets and more than $11 billion in Ethereum ETFs. Meanwhile, fellow financial giant Fidelity is involved in crypto staking, while Goldman Sachs has a private blockchain that is testing tokenized fund redemptions. And UBS, Citi, and HSBC have participated in tokenized bond issuances, on-chain settlement pilots, and crypto custody services.  

Wall Street’s latest digital asset adoption has not, however, translated to big price wins for the major cryptocurrencies. Bitcoin is down about 30% to roughly $87,000 since its high of $126,000 in early October. Ethereum is also down roughly 30% in the last three months to $2,919, and Solana is down roughly 43% to $123.07 during that same time period. It appears that the big banks are taking a long-term view on crypto and are not being scared off by this recent dip.   

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