The Bitcoin price, along with Ethereum and cryptocurrencies, has remained stagnant following a significant rally in 2021. This is despite predictions of an imminent return of a Crypto Bull Run.
Despite nearly doubling from its late 2022 low, the bitcoin price has struggled to regain momentum this year. Similarly, emergence of new memecoins has overshadowed Ether price.
Market value decline by nearly $2 trillion – Crypto Bull Run to introduce Canton Network
The ongoing crypto winter has led to a market value decline of nearly $2 trillion. Prominent companies such as Goldman Sachs and Microsoft are backing a new blockchain project aimed at streamlining financial markets. They are following in the footsteps of other major financial institutions by building crypto infrastructure during the bear market.
The Canton Network blockchain has garnered support from companies including Deloitte, S&P Global, Moody’s, BNP Paribas, Cboe Global Markets, and Paxos.
The Canton Network aims to address various challenges associated with bitcoin, ethereum, and other cryptocurrencies. This includes privacy issues, data control, cross-chain interoperability, and scalability. The testing of the network will begin in July.
The network will connect the trading platforms of Deutsche Börse, Goldman Sachs, and other participants. In addition, the expected monthly notional traded volumes surpassed those of the most active crypto tokens.
Fidelity opens its crypto trading platform to its 37 million users
In addition to Goldman Sachs and Microsoft, other major players in the financial industry have been exploring opportunities in the world of bitcoin, ethereum, and cryptocurrency.
Fidelity has opened its crypto trading platform to its 37 million users for commission-free buying and selling of bitcoin and ethereum. BlackRock’s CEO, Larry Fink, has expressed plans to develop “permissioned blockchains and tokenisation of stocks and bonds.” He highlighted the intriguing developments in the digital asset space.
Companies are actively involved in advancing blockchain technology and exploring the potential of cryptocurrencies for financial markets, despite Crypto Bull Run.