Crypto’s recovery phase, Wells Fargo recommends BTC ETFs, and crypto’s political influence

Crypto markets had a negative week with Bitcoin (BTC) falling 9.0%, ether (ETH) declining 9.7%, and Solana’s SOL correcting by 15,9%. This negative price action led the Nasdaq Crypto Index™ (NCI™) to decline 9.6%. Crypto remains consolidating after a significant upswing between late last year and early this year. If history continues to rhyme, September might be the final month of the current recovery phase, possibly preceding the beginning of this cycle’s bull phase as we head into the final quarter of 2024.

Wells Fargo to Recommend Bitcoin ETFs to Wealthy Clients Beginning Next Month

Wells Fargo, the third largest US bank by assets, will begin recommending Bitcoin ETFs to its high-net-worth clients starting next month, marking a significant shift in its investment strategy and indicating greater acceptance of digital assets in traditional wirehouses. This move follows a broader trend of traditional financial institutions expanding their offerings to include crypto products, responding to rising demand for digital asset investments.

Crypto Industry Accounts for Almost Half Of Corporate Donations In 2024 Election

As the 2024 US elections approach, crypto companies are making a major impact on politics by contributing nearly $119 million in total donations to candidates. This funding is directed mostly to pro-crypto candidates, underscoring the industry’s push to influence regulatory and legislative outcomesFor crypto investors, these developments are crucial as they may affect future regulations and the overall investment landscape for digital assets in the world’s largest economy.

Nasdaq Seeks SEC Approval for Bitcoin Index Options

Nasdaq has applied for SEC approval to list and trade Bitcoin index options (XBTX). This product offers a new tool for both institutional and retail investors to manage risk, potentially boosting the maturity and liquidity of the regulated digital asset market in the US.