In a report back to its consumer, funding agency Bernstein mentioned the present cryptocurrency bull market remains to be in its early phases.
In keeping with the report, buying and selling platforms comparable to Robinhood and Coinbase could make vital income from elevated buying and selling quantity and elevated mainstream adoption of cryptocurrency.
Bernstein continued to score each corporations “market outperform” and maintained confidence that their robust efficiency would proceed. The report mentioned Robinhood's second quarter outcomes, launched Wednesday, had been spectacular. The corporate continued to develop its cryptocurrency providing, saying its buying and selling quantity reached six months' top in July. This improve was pushed by a restoration in market volatility and a rise in investor curiosity from ETH, SOL and Defi Token, pushed by an inventory of circles. Cryptocurrency buying and selling quantity is predicted to recuperate considerably later within the yr.
In the meantime, the report famous that Coinbase's strategic partnership with JPMorgan Chase has made a big contribution to the unfold of digital property. JPMorgan's embrace of the trade, as soon as criticized by CEOs, accelerates Coinbase's buyer acquisition.
Bernstein argued that latest developments confirmed the view that the bull cycle within the crypto market remains to be in its early phases, including that “there isn’t a want for something presently.”
*This isn’t funding recommendation.
