Crypto Markets Down Despite Bullish Northern Trust News
Bitcoin recently reached a high of around $8,250 but over the last two days has fallen around 8% to the $7,600.
That’s despite the bullish news coming out of Northern Trust. More on that below.
Northern Trust Corp. is a financial services company that caters to corporations, institutional investors, and high net worth individuals. It’s been around since 1889 and has $10.7 trillion in assets under management.
It provides services like custodianship, fund administration, investment management, investment risk and analytical services, treasury management, brokerage firm services, wealth management, and many more.
Yesterday Forbes wrote about how Northern Trust is significantly expanding its work with blockchain and cryptocurrencies across multiple divisions.
According to Pete Cherecwich, the president of Northern Trust’s corporate and institutional services, Northern Trust has been helping customers with things like validating crypto ownership with customer’s cryptocurrency custodian, risk and control frameworks for anti-money-laundering, and crypto-trade reconciliations.
This is big news as Northern Trust is one of the biggest and most trusted institutions in the financial industry. And the company may eventually add crypto custodianship in the near future. That’s important for hedge funds and institutional investors as they need to safely store client assets.
According to the Forbes article Cherecwich did not expect the company will custody cryptocurrency in the near future.
However, according to Bloomberg, Northern Trust has begun developing a way to secure digital assets held in custody while seeking to charge lower fees than existing crypto custodians. And that was attributed to Cherecwich.
Considering that custodianship is one of Northern Trust’s biggest services, I bet they are working on a product.
What do you think about Northern Trust jumping into crypto?
and trade cryptos on Binance
Nice blog
I think it will go lower a bit more and then it will move towards 9k mark.
More sideways grinding until a rally to end the year.
I think we are reaching a "point of inevitability" for many players in the investment industry... they look and look and look at cryptos, waiting for "something" to happen, or wait for it to just "blow over." With each passing month, it becomes a little more evident that cryptos are not a "fad" and at some point we surely must hit critical mass where a lot of money will flow into the market....
"When," of course, is a good question...
Agreed, I think it happens this year.
Hi g-dubs. I don't think they have any choice but to get involved. That is the way the markets are going so they can't afford to miss out. It is not now but 5-10 years down the road.
True. They know they can't wait around until all the regs are in place. Cryptos ain't going anywhere!
I think that You are all right i also see markets many days again downs as well now
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I appreciate you on your work, you shear to us information about crypto
Can expect amazing updates in this week stay tuned to @g-dubs.
Crypto currencies are amazing ! No one can guess these ! Suddenly it go to high and vice versa. Even it is being changed within an hour !!! Thank you @g-dubs for current market report.