Several financial platforms offer price information of some leading cryptos, but this addition indicates a growing adoption of the market beyond the retail interest.
Cryptocurrencies keep breaking barriers and increasing their mainstream interest as some leading assets have been chosen by Google LLC (NASDAQ: GOOGL) and added to their financial page. Google Finance, a data site has created a crypto field with a prominent placement where users can access prices at the top right page of the platform.
Under the “Compare Markets” category, Google users can now access the price information of such cryptocurrencies as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. This is placed alongside other default markets including Asia, Europe, the US, and some currencies.
Several financial platforms offer price information of some leading cryptos, but this addition indicates a growing adoption of the market beyond the retail interest.
A quick search on the site only results in the information of the above-listed assets. Searches on the likes of Chainlink, Polkadot, Digibyte, Cardano, and others returned with no information. A search on XRP only came out with the Ripple XRP Liquid Index.
The cryptocurrency market is enjoying a very good ride with institutional investors as the primary driving force. This year’s bull run is much different from the late 2017 and early 2018 price surge as the period was affected by the retail interest in the digital assets. Today, there are the likes of MassMutual Life Insurance Company and MicroStrategy Incorporated (NASDAQ: MSTR) showing a strong interest in Bitcoin. Just recently, Elon Musk‘s Tesla Inc (NASDAQ: TSLA) invested $1.5 billion in Bitcoin to join the tall list of institutional investors.
A study organized by Fidelity Investment in June 2020 affirmed the fact that the presence of Institutions in the cryptocurrency sector is unprecedented. The study disclosed that 36% of the institutional investors located in the US and Europe have maintained a strong stance to hold derivatives or cryptocurrencies.
Also, the growing Asset Under Management of Grayscale Investment LLC is enough proof that Institutions are driving the price up on the price curve. In an announcement released a couple of weeks ago, Grayscale disclosed to have about $30.4 billion AUM with the Grayscale Bitcoin Trust (OTCMKTS: GBTC) boasting of $24 billion AUM and the Ethereum Trust having $5 billion AUM.
Google Inc had previously contributed to the crashing of the cryptocurrency market after testing a previous all-time high in Total Market Cap. The tech giant threatened to ban all cryptocurrency-related ads coupled with the exchange crackdowns staged by the Chinese authorities.
Alphabet Inc (NASDAQ: GOOGL), the Google Inc parent company running Youtube Inc, a Video Platform has been very hostile to cryptocurrency-related users by removing news and educational contents without any notice according to reports. A few other leading crypto news blogs including Cointelegraph also complained of being suspended on Youtube, though it has been overturned after claiming no violation was done. Facebook Inc (NASDAQ: FB) also followed the same strict measure to cause a huge fall in the Bitcoin price in 2018. Today, the new development and the market news shows that there are good conditions for the market to operate.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
