President Trump’s social media post from Tuesday night about the Genius Act “is a very meaningful support,” the firm said in the note.
- Morgan Stanley Bitcoin Trust plans to store its bitcoin with Coinbase and BNY.
- Bitcoin price on Wednesday rallied 7.3% to $73,042, sending crypto-linked stocks like Coinbase and Riot Platforms higher up.
- Trump on Tuesday had said that banks are holding the CLARITY Act ‘hostage’ after no resolution was passed on the bill till March 1.
An analyst at Clear Street said in an investor note that the crypto market could be at an ‘inflection point’ after a 44% decline from Oct. 10 to Feb 28.
Recent developments, including President Trump’s support of the CLARITY Act, Kraken’s access to Federal Reserve Master Account, the war in the Middle East, and Morgan Stanley naming Coinbase (COIN) as a co-custodian “have not only dramatically improved the sentiment of crypto, but also supported the fundamentals of blockchain long term,” the analyst told investors in a research note.
Clear Street believes the shift could end the crypto bear market and “trigger the beginning of a bull run.”
President Trump’s social media post from Tuesday night about the Genius Act “is a very meaningful support,” the firm said in the note.
Trump on Tuesday had said that banks are holding the CLARITY Act ‘hostage’ after no resolution was passed on the bill till March 1, which was a self-imposed deadline by the White House. Trump also called it a “GENIUS” act.
Morgan Stanley S-1
Morgan Stanley Bitcoin Trust plans to store its bitcoin with Coinbase and BNY. It said BNY will also be serving as administrator and cash custodian, while Coinbase will be the co-custodian, according to a form S-1 filed with the U.S. Securities and Exchange Commission.
The Trust is an exchange-traded fund and will be structured as a passive investment vehicle that does not seek to generate returns beyond tracking the price of bitcoin, rather than using derivatives or leverage, the company said.
Bitcoin Price
Bitcoin price on Wednesday rallied 7.3% to $73,042, sending crypto-linked stocks like Coinbase and Riot Platforms higher up. The rise in bitcoin prices comes amid an ongoing war among the U.S., Israel, and Iran, stoking uncertainties around macroeconomic activity.
Shares of Coinbase and Riot Platforms closed 14.5% and 8.1% higher respectively on Wednesday.
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