FIL soars 40%, Bitcoin tops $61k and Morgan Stanley to offer wealthy clients access to BTC funds
By John Shepard
09:34, 19 March 2021
Bitcoin (BTC) hit a record high earlier this week near $61,700 as momentum continued in the crypto market. US investors put their stimulus cheques to work in the markets and this saw another move higher in BTC. But the price has since cooled to wobble around the $58,000 level.
US investment bank Morgan Stanley is set to become the first big bank to offer its wealthy clients access to cryptocurrency funds.
In other market news, the price of Filecoin (FIL) saw a 40 per cent rally with a Winklevoss and Grayscale recommendation.
Morgan Stanley to offer wealthy clients BTC options
Morgan Stanley announced in an internal memo that it would be launching access to three Bitcoin funds for its wealthy client division.
Two of the three funds will be offered by Galaxy Digital, which is owned by billionaire crypto enthusiast Mike Novogratz, with the third being a joint fund from FS Investments and NYDIG.
The initial push to wealthy clients is backed by the bank’s idea to offer it to investors who have “an aggressive risk tolerance”. This is due to the high volatility of BTC. Once more liquidity comes into the market, the bank may then expand the coin to retail money.
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Kraken mulls an IPO in 2022
Cryptocurrency exchange Kraken is said to be considering a public listing in 2022. The company’s executives are said to be looking at a tie-up with a special purpose acquisition company (SPAC) or through the traditional IPO route.
Kraken’s competitor Coinbase is moving to an IPO, while social trading platform eToro announced last week that it was pursuing the SPAC route. These listings are adding to cryptocurrency’s moves towards mainstream acceptance.
FIL soars 40 per cent as Gemini and Grayscale show support
Filecoin was a big mover this week in the crypto market with the coin rallying over 40 per cent in two days. FIL is now ranked at number 22 in the list of coins with a valuation of $4bn.
Filecoin got a boost after Gemini exchange founder Cameron Winklevoss showed support for the coin and Grayscale CEO Michael Sonnenshein announced the addition of FIL to the company’s investment products. The coin now trades at a price of $79 after starting the week near $50.
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