The price of Bitcoin has plummeted in the last two weeks of November, dragging with it the broader cryptocurrency market. A total of 17% was canceled from the value of bitcoin in the space of 13 days, with its price falling to £ 2,849 ($ 3,640) by November 26, according to CoinDesk.com. But the imminent launch of companies dedicated to bringing bitcoins to institutional investors could be the catalyst for an encrypted renaissance.
Fidelity announced last month plans to launch a company dedicated to bringing cryptocurrencies to institutional investors.
And even the intercontinental cryptocurrency platform supported by exchanges, Bakkt, should pay enough money in the cryptocurrency market to trigger an upward run in the first quarter of 2019.
Sonny Singh, chief operating officer of the US cryptographic payment processor BitPay, believes that these Fidelity and Bakkt can help turn the fortunes of bitcoins.
Singh said: "Around the world, you are witnessing the adoption of bitcoin and cryptocurrency products.
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"There are several cases of use all over the world.
"If these traditional incumbents launch their products as expected, you would see a price of around $ 15,000 to $ 20,000 (£ 11,691 to £ 15,586) per bitcoin by the end of next year, but it depends on when these products are launched because nothing moves fast in fintech. "
Fidelity will provide a cryptocurrency trading platform and institutional advisory services, in order to align itself with the continuous bitcoin trading cycle.
Fidelity Investments provides financial services for 5.661 billion pounds (7.2 trillion dollars) in customer activities and provides compensation, custody and investment services for tens of thousands of consulting firms and institutional intermediaries.
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But the asset manager has so far limited its exposure to cryptocurrencies to a few peripheral services.
With the first customers of Fidelity Digital Asset showing interest and general availability scheduled for the beginning of 2019, the launch marks the greatest push towards cryptocurrency by an institutional asset manager.
"This is a recognition that there is an institutional demand for these goods as a class," says Tom Jessop, founder of Fidelity Digital Assets.
"Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space."
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The price of Bitcoin has rebounded in the last days, after about fifteen terrible performances.
The value of bitcoin and cryptocurrency has plummeted to lows of about £ 3,000, causing some to fear that the market would be about to crash completely.
But now the price has increased by about 10 percent, putting it on course for its best day since the second quarter of 2018.
Some experts even suggested in the midst of that incident that performance was simply a blip rather than a more fundamental change in the value of cryptocurrency.
The dive meant that bitcoin lost a third of its value in two weeks, without a clear motivation.
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