The crypto market wavered on Friday, with Bitcoin and most altcoins remaining in a tight range, even as institutional demand accelerated.
Summary
- The crypto market remained in a tight range on Friday.
- UBS, a bank with over $4 trillion in assets, will start offering crypto trading.
- More large companies like Morgan Stanley and JPMorgan have embraced the industry.
Bitcoin (BTC) price was stuck at $89,000, while Ethereum (ETH) remained below the key support level at $3,000. The market capitalization of all coins remained at $3 trillion, while the Crypto Fear and Greed Index moved to the fear zone of 34.
UBS to launch crypto trading services
UBS, the world’s largest wealth manager with over $4.7 trillion in assets, is preparing to enter the crypto trading industry.
According to Bloomberg, the company plans to make digital assets available to some of its clients.
It will start offering some Swiss clients the ability to buy and sell Bitcoin and Ethereum, and will then be launched to other markets, such as Asia and the U.S. A spokesperson told Bloomberg that:
“As part of UBS’s digital asset strategy, we actively monitor developments and explore initiatives that reflect client needs, regulatory developments, market trends, and robust risk controls.”
UBS becomes the latest large company to move into the crypto industry. BlackRock, the world’s largest asset manager, runs the largest cryptocurrency ETF business, with over $80 billion in assets. BUIDL, its tokenized fund, has accumulated over $4 billion in assets.
JPMorgan launched its first tokenized fund this week and quickly accumulated over $100 million in assets under management. Charles Schwab plans to offer crypto trading solutions this quarter.
Other large companies that have embraced the industry are SoFi, Janus Henderson, WisdomTree, Morgan Stanley, Robinhood, Standard Chartered, and Fidelity.
Most of these companies have embraced the industry because of the supportive legislative regime in the United States, where Donald Trump has vowed to make the country the crypto capital of the world.
Crypto Market Stung by CLARITY Act Retreat
A possible reason why Bitcoin and most altcoins are wavering is that the closely watched CLARITY Act has stalled in the Senate Banking Committee, with officials now focusing on the housing issue.
The bill stalled last week after Coinbase withdrew its support, citing key issues, including its proposals on tokenization and stablecoin rewards by crypto exchanges.
CLARITY would have been the second-biggest legislative win in the crypto industry after the GENIUS Act, which focused on regulating stablecoins. Stablecoins have accumulated over $300 billion in assets.
The crypto market will next react to the Federal Reserve’s interest rate decision, scheduled for Wednesday next week. Economists expect the bank to leave interest rates unchanged between 3.50% and 3.75%.