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Crypto market is turbulent, Fidelity platform's launch – COIN360
DAILY
March 08  |  1 min read

The Big Picture

BeQuant Analytics, a daily cryptocurrency market analysis contributor

Although the recent uptrend looks to be intact, the cryptocurrency market has entered somewhat turbulent waters. This is somewhat expected given the key technical levels at play here, with Bitcoin price nearing the $4,000 level, while Ethereum needs to make a break on the $145 level to ensure the cycle continues.

Still, on a positive note, Fidelity Digital Assets announced that their platform is now live with a select group of eligible clients. The company’s solutions are focused on the needs of hedge funds, family offices, pensions, endowments, other institutional investors.

While there has been a lot of focus on other competing crypto platforms such as Bakkt, it will be interesting to see what impact the launch of Fidelity’s platform will have on Grayscale and their set of investment products.

In other news, a survey by the UK Financial Conduct Authority (FCA) has found that only a small minority of UK consumers have bought cryptocurrency assets and many do not understand what they are. It is estimated that only 3% of those surveyed had ever bought crypto assets, and 73% of UK consumers don’t know what a 'cryptocurrency' is or are unable to define it. Full report can be found here:

Finally, to underline the amount of white noise there is surrounding Bitcoin and crypto assets in general, former tech banker and self-proclaimed Bitcoin maximalist Kevin Pham has taken to Twitter to express his thoughts on the current state of the Bitcoin network. The Tweet reads:

“What happened to Bitcoin after Satoshi left is the same thing that happened to Apple after Steve Jobs left.”

Not to take away anything from the genius that was Steve Jobs but Apple went on to become the first US-listed company in history to achieve a $1 trillion market capitalization.

PS - Don’t forget, it is International Women's day today…

Thank you for reading,

BeQuant’s Analytics team