Banks will not start trading cryptocurrencies now, says Genesis CEO
The cryptocurrency market is currently dominated by retail investors and traders.
Crypto prime brokerage Genesis Global Trading believes that retail traders will continue to dominate the cryptocurrency market for years to come.
Genesis chief executive Michael Moro stated this while addressing the Bitcoin faithful in Miami. According to Moro, banks are far away from adopting cryptocurrency trading due to the hands-off approach that they have chosen regarding digital assets. He said;
"It is their best attempt at a proxy for participation in Bitcoin: For 1, to make it look like they're actually doing something. But 2, more importantly, their regulators at the bank-regulator level are looking over their shoulders for everything they're doing. They are very, very far away from being able to trade actual Bitcoin."
Despite the reluctance of banks to enter the cryptocurrency space, the institutional adoption of cryptocurrencies has been on the rise for the last two years.
Institutional banks like Goldman Sachs and Morgan Stanley have rolled out cryptocurrency trading features for some of their exclusive clients.
The likes of JPMorgan and Citi have also entered the cryptocurrency market in varying capacities.
The cryptocurrency market has recorded huge growth over the past few years. At the moment, the total cryptocurrency market stands above $2 trillion, down from the all-time high of $3 trillion recorded in November 2021.
Most banks and other large financial institutions are offering crypto services to their institutional and exclusive clients.
Bitcoin and Ether remain the most preferred crypto assets for institutional investors. Bitcoin continues to lead the market in terms of dominance, accounting for more than 40% of the entire cryptocurrency market cap. At press time, Bitcoin is trading just below the $45k psychological level.
Ether is the second-largest cryptocurrency, with a market dominance of nearly 20%. Ether is trading around $3,200 per coin, losing its support level above $3,500.
