The crypto-markets are not looking pretty with the King of Crypto – Bitcoin (BTC) – having tested levels below $7,000 on several occasions this weekend. Bitcoin (BTC) is currently valued at $6,999 which is $1k less than it was a little over a week ago. This is a drop in value of 12.5% in the same time period. The total market capitalization has also dropped to current levels of $253 Billion from the levels of $300 Billion in less than a week. This is a drop of 15.66%.
But the episodes of constant decline in the crypto-markets could be a thing of the past with the Wall Street news announcement on August 3rd. This announcement stated that the owner of the New York Stock Exchange (Intercontinental Exchange, or simply ICE), has partnered with Microsoft, BCG and Starbucks and others, to launch a market and ecosystem to list physically settled Bitcoin futures contracts and a new company to push Bitcoin and other digital assets towards becoming mainstream financial assets.
This new company will be known as Bakkt and the list of firms that are part of this new firm are as follows:
- Intercontinental Exchange (ICE) – who are owners of the New York Stock Exchange
- Microsoft – whose cloud solutions will be leveraged to create an open and regulated, global ecosystem for digital assets
- BCG Global Management Consulting
- Starbucks – who will utilize its presence to further the adoption of Bitcoin
- M12 – Venture Capital arm of Microsoft
- Fortress Investment Group – an investment management firm
- Eagle Seven – management consulting firm
- Galaxy Digital – a full service, digital assets merchant bank, with distinct trading, asset management, and principal investment
- Horizons Ventures – Venture capital firm
- Alan Howard – Billion dollar hedge fund
- Pantera Capital – an investment firm focused exclusively on ventures, tokens, and projects related to blockchain tech, digital currency, and crypto assets.
- Protocol Ventures – a leading fund of funds investing in the top ten crypto funds in the asset class
- Susquehanna International Group, LLP – a global quantitative trading firm built on a rigorous, analytical foundation in financial markets
Summing it all up, this is a brief list of the institutional investors that we’ve all been waiting for to get into Bitcoin and cryptocurrency investing. These firms have been rumored to have been working on the Bakkt company for over a year. This means they have been silently planning how they will get into the crypto-markets with both feet and officially signaling the beginning of a potential bull run.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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