Prime Trust's Financial Woes A Mere Ripple In The Crypto Ocean, Experts Say
Portfolio Pulse from Murtuza Merchant
Crypto custodian Prime Trust has been declared 'critically deficient' by Nevada's Department of Business and Industry, leading to a shortfall of customer funds and inability to honor withdrawals. This comes after BitGo terminated its intended acquisition of Prime Trust. Despite this, experts believe the broader digital-asset market is in a recovery phase and poised for growth, with both retail and institutional investors increasing their exposure to Bitcoin, Ethereum, and other major digital assets.
June 27, 2023 | 5:10 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Despite the issues with Prime Trust, the broader Bitcoin market is believed to be in a recovery phase with both retail and institutional investors increasing their exposure.
The issues with Prime Trust are unlikely to have a significant impact on the broader Bitcoin market. Experts believe the market is in a recovery phase and that both retail and institutional investors are increasing their exposure to Bitcoin. This increased demand could potentially drive up the price of Bitcoin in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75