Establishment’s Crypto Surge: Genesis Trading Report

Genesis Trading believes that the second quarter of 2018 will be remembered as the time when the establishment made a “land grab” for cryptocurrencies.

In a report published on Wednesday, the digital assets financial firm and a subsidiary of Digital Currency Group highlighted several “landmark announcements,” such as the slew of applications for spot bitcoin ETFs and the “drumbeat” of new trading venues and products offered by traditional finance.

“Just as crypto stalwarts such as Coinbase rolled out new offerings, the second quarter also heralded the arrival of an establishment armada that appears to have now docked on the shores of this asset class,” the report stated.

However, it also noted a tendency toward “skeptical reception.”

“The truth about volumes, volatility, margins, price trends, and participation is revealed in the statistics,” it wrote in the report.

When viewed from a more extended vantage point, Q2 2023 appears positive in most respects.

Specifically, the company noted a “significantly higher level of activity than might have been anticipated” as Bitcoin traded predominantly between $27,000 and $30,000.

Genesis, however, drew attention to the complex legal challenges over the past few months, including the Securities and Exchange Commission’s lawsuits against Coinbase and Binance for alleged legal and securities violations.

“As long as there is regulatory scrutiny without clear guidance on rules and regulations, financial services firms will continue to expand their operations overseas,” Genesis continued.