HomeCryptocurrenciesBanking Majors Prop Up Cryptocurrency Amid Rising Lawsuits

Banking Majors Prop Up Cryptocurrency Amid Rising Lawsuits

Cryptocurrencies have recently been gaining a rise in support from major traditional banking and investment institutions, thereby adding momentum to digital currencies despite a recent rise in pressure from US regulators.

BlackRock, the world’s largest investment manager, recently announced its decision to launch an exchange-traded fund (ETF) that would be focused on Bitcoin and Bitcoin-related stocks. Following in BlackRock’s footsteps is Deutsche Bank, which revealed its intention to operate a crypto custody business to hold digital assets for its clients.

Such movements have boosted Bitcoin’s value, with the world’s most valuable digital currency rising to $31,389 on Friday. This comes after Bitcoin reached the $30,000 mark for the first time since April.

Fidelity Investments, Charles Schwab, and Citadel Securities are also looking to get a foothold in the crypto market, partnering to launch a new cryptocurrency exchange.

The Securities and Exchange Commission earlier this month filed lawsuits against Binance and Coinbase, two of the largest crypto exchanges in the world, after they allowed digital currencies onto their platforms that were not yet registered with the SEC. Despite this pressure, cryptocurrencies have continued to rise on the back of heightened support from traditional banking institutions. Total market capitalization for crypto assets reached $1.2 trillion on Friday; a 14% rise from the previous week.

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