BlockBeats News, May 6th, according to Forbes, the price of Bitcoin has rebounded to around $95,000 after falling to a low of $75,000 in April. A rare Bitcoin price prediction by Trump's cryptocurrency czar David Sachs has surprised traders. Now, as Bitcoin surges toward what BlackRock has dubbed a "geopolitical fragmentation superpower" impact, a leaked message reveals that Wall Street firms are quietly betting on the Trump-driven rise in Bitcoin price.
Sources revealed that a trading unit at Tower Research Capital has "increased capital allocation to the crypto ledger" and upgraded its cryptocurrency market-making infrastructure. With the Trump administration pledging to open up Bitcoin trading and cryptocurrency market access, Wall Street is quietly ramping up its support for Bitcoin and cryptocurrencies, rolling back restrictions from the Biden era, and accelerating efforts to advance legislation that will reshape the financial system.
Last week, Wall Street giants managing a total of $10 trillion in client assets are expected to "kick off Bitcoin businesses" this year, for the first time allowing advisors to recommend Bitcoin ETFs to clients. BlackRock's Head of Digital Assets, Robert Mitchnick, said in a recent Bitcoin and cryptocurrency panel discussion, "The influx of funds is returning on a massive scale."
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