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Fidelity will stick to top cryptos like Bitcoin or XRP, says Morgan Creek’s Anthony Pompliano

Akash Anand

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Fidelity will stick to the top cryptos like Bitcoin or XRP, says Morgan Creek's Anthony Pompliano
Source: Pixabay

The sudden movement in Bitcoin prices has added fuel to the cryptocurrency market’s excitement, with many in the space speculating that the bear market may have finally come to an end. In the latest Crypto Trader episode, Ran NeuNer sat down with Frank Chaparro, Senior Correspondent at The Block and Anthony Pompliano, Founder of Morgan Creek Digital Capital, to talk about Bitcoin’s price changes and other developments in the industry.

Frank Chaparro touched upon the recent Binance hack first, stating that in the grand scheme of things, losing 2 percent of the total holdings is something that can be rectified. This was said in connection to the panel’s opinion that the market was finally responding to the news, as evidenced by the slow gain in prices.

NeuNer then spoke about Fidelity’s latest news offering cryptocurrency trading to its clients, something that was attributed to the rise in the world’s largest cryptocurrency’s value. According to Anthony Pompliano,



“It is at least good that they have given a timeline for the launch. Fidelity is similar to Binance in a way that they both are well accepted in the community where the upper management is all pro-Bitcoin. When it comes to trading, pension endowments, and other important financial features, Fidelity is not going to think about the bottom 99. They are going to stick to the top ones like Bitcoin and XRP.”

Even Frank Chaparro gave his two cents on the Fidelity news, stating,

“Bitcoin is a natural place to start for Fidelity. Even then, I was very surprised by how the market reacted to the Fidelity news. To the point where it was mentioned that Fidelity would be considering ‘crypto’ and not just Bitcoin, I feel that the writer was just hedging when the news broke out. As far as I know, they only have five clients, out of which Galaxy Digital is one of them.”

Arlene Roberts, Fidelity spokesperson, had stated that the company would continue to roll out their services over the coming weeks and months, based on client needs, jurisdictions, and other factors. Fidelity also admitted that at the moment, it is focused on Bitcoin.





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Bitcoin

Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

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Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?
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Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.

The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.

Source: TradingView

The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.



A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:





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