FRNT Financial CEO: The new development of Bitcoin ETFs basically opens the door for Wall Street to participate in the Bitcoin market
Bitcoin surged on Friday after a report showed U.S. job growth fell short of expectations, reigniting expectations of an interest rate cut and boosting the speculative asset's appeal. The rebound helped erase much of the losses seen earlier in the week as Federal Reserve officials became more hawkish and on concerns about falling demand for ETFs. Stéphane Ouellette, CEO of FRNT Financial, said that the revelation for us this week is that Bitcoin hit an all-time high and the new development of Bitcoin ETF basically opened the door for Wall Street to participate in the Bitcoin market, which is something we have never seen before. . Previously, Bitcoin did not have any clear correlation with other asset classes, whereas this week, especially during the sell-off ahead of Tuesday night’s Federal Reserve meeting, Bitcoin’s trading with other risk assets has been very clear.
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