Banks in the United States Experimenting with Crypto 36 Bitcoin Trade Lessons - And a VERY Quick Case for 200k

from Crypto Weekly 18/04/2022

28Garry Gensler's Plans for Regulating Crypto Exchanges from the U.S. SEC

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Banks in the United States Experimenting with Crypto

Top U.S. banking regulators warned last week that banks should be careful as they capitalize on the popularity of cryptocurrencies by offering related services to clients. Cryptocurrency has become a focus for some of the biggest banks operating in the United States.

Among the first Wall Street banks to announce that it would hold, transfer, and issue Bitcoins for its asset management clients, Bank of New York Mellon announced in February 2021. The BNY Mellon crypto wallets, which will be created in partnership with crypto infrastructure company Fireblocks, will allow customers to store Bitcoin and Ether, the two largest cryptocurrencies. The move will take place in the coming months.

U.S. Bancorp went live with its Bitcoin custody services in October. The bank uses Bitcoin company NYDIG as a sub-custodian. The bank's services are geared towards institutional investors managing private funds. In March, State Street Corp announced that it would offer cryptocurrency custody services through Copper.co, but it cautioned that these services would need regulatory approval. A World Economic Forum report said Deutsche Bank had already developed a proof of concept service for institutional investors to hold and trade cryptocurrencies.

BNP Paribas has also completed a proof of concept with cryptocurrency wallet provider Curv for a secure method of transferring tokenized securities in 2020. This step was a step toward developing an integrated custody solution for digital and traditional assets alike.

In 2021, several big banks began offering crypto exposure to wealth management clients, led by Morgan Stanley. According to CNBC, Morgan Stanley began making Bitcoin funds available to clients with assets worth

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at least $2 million at the bank in March. Five cryptocurrency products were approved by JPMorgan Chase & Co's wealth management clients for buy and sell orders in July.

Also in the summer of 2021, Wells Fargo & Co began offering cryptocurrency exposure to its wealthy clients, as did State Street. Private Bitcoin funds were registered with NYDIG by JP Morgan and Wells Fargo in August. In June, Citigroup Inc.'s wealth management division developed a digital asset unit that facilitates investments in cryptocurrencies, stablecoins, non-fungible tokens, and central bank digital currency in June. According to regulatory documents, Goldman Sachs opened up a crypto fund to wealthy clients through Galaxy Digital in March of this year.

Despite mothballing its cryptocurrency desk in 2019, Goldman restarted it in March 2021. Clients can speculate on Bitcoin's future price with a team within the bank's Global Markets division, which deals in Bitcoin futures and non-deliverable forwards.

By March of this year, Goldman Sachs became the first major U.S. bank to execute an over-the-counter crypto trade in conjunction with Galaxy Digital, a cryptofocused asset manager. Bank of America and CME Group Inc.'s partnership will allow some of its clients to trade Bitcoin futures in July 2021. According to a statement, “Bank of America is currently evaluating its cryptocurrency and digital asset strategies."

Last August, Citigroup said it was considering offering Bitcoin futures trading to some institutional clients, but media reports suggested the bank was awaiting regulatory approval. Citi had no comment at the time. IFR reported in December that Citi had cleared its first Bitcoin futures trade through CME Group. PNC Financial Services Group is also awaiting approval from regulators to allow its customers to trade cryptocurrency. A variety of banks are also investing in research. Bank of America launched its digital assets research division in October. As a result of the global growth of cryptocurrencies, Morgan Stanley created a crypto research group in September. At its institutional division, Citigroup said, in November, it would create 100 new roles this year focused on digital assets, including blockchains and digital currencies. 

of the week

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Bitcoin Trade Lessons - And a VERY Quick Case for 200k

James Sides is an experienced and well-respected trader who has been a friend of Crypto Weekly`s Editor for many years. He has a free-to-enter Facebook group if you would like to learn more from him called Crypto Common Sense.

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37

Trading Advice from Full Time Trader James Sides

Several times over my career, both in business and in trading I have come into contact with over the top arrogance.

Many times those people have later come back to me for advice or help when the other shoe dropped on them.

Right now, I'm seeing it again in crypto. People who had no problem trolling my bearish views or telling people to "go all in" a year ago, now admit they've lost enormous sums of money to the market - and wanting my help to learn how to trade properly.

And I KNOW that many more who had not-so-nice things to say are secretly in the hole but would never admit it.

The reality is, we all have egos. And sometimes, those egos get the best of us.

I'm no exception. If you've not yet heard it, here's a cliche you will want to remember. "Markets eventually make fools of us all." All I can tell you is, that trading is a legitimate way to make consistent and 'life-changing' levels of income.

But trading has nothing to do with gambling.

Trading is not going 'all in' on a coin and hoping it goes up 100x some day.

Trading is managing your risk so no one idea takes you out of the game.

Trading is using risk management to make more off a single small move in the market, than many will make off large moves.

Trading is finding one simple set of 'rules' that allow you to produce results, day after day, week after week, month after month.. regardless of market conditions.

If you're not yet achieving those types of results and want to make a change, I'd suggest you reach out to me for a link to either join my course or my discord.

Heck, I've even been dropping a lot of trading videos in Patreon lately, which costs less than many people spend on coffee each week... I'm not putting the link here because frankly, Fb hates them and buries the posts.

But if you're not going to join any of my programs, at the very least, stop listening to crypto bubble boys and grab some books/training from real traders. Here are three books that I feel are "required reading" for those serious about learning to trade:

Trading in the Zone - Mark Douglas Charting and Technical Analysis - Fred McAllen The Complete Turtle Trader - Michael Covel

If you read these, I suggest reading them in that order. The first one deals with the psychology of trading. The second walks through technical analysis. And the third goes deep into Richard Dennis and how trend trading leads to him turning a few thousand dollars into hundreds of millions.