Morgan Stanley crypto appointment fails to lift market
Investment bank Morgan Stanley has appointed a crypto-trading specialist to head its new digital asset markets unit, according to efinancialcareers.
Andrew Peel was formerly a 12-year veteran of Credit Suisse where he became vice president of sales and trading innovation.
The appointment provides a further example of rising institutional interest in cryptocurrencies.
In mid-July BlackRock, the world’s largest asset management firm, said it was setting up a working group to look into cryptocurrencies and blockchain. The announcement helped boost cryptocurrency prices during the middle part of last month.
Goldman Sachs’ new chief executive said, while still the firms chief operating officer, in June that the bank was looking to add further cryptocurrency services to its portfolio.
Meanwhile, this week Japanese banking group SBI Holdings announced a further advance into crypto markets, with plans to open a derivatives trading platform. SBI launched in June the world’s first crypto-exchange to backed by a bank.
While bitcoin managed a very small gain on Thursday morning, the rest of the top 10 were a little lower. Here’s a round-up of the price moves at 11am London time:
- Bitcoin +0.2% at $7,649
- Ethereum -1.7% at $418.62
- Ripple -3.3% at $0.44
- Bitcoin cash – 1.1% at $754.93
- Eos -3.7% at $7.07
- Stellar lumens -0.5% at $0.27
- Litecoin -1% at $77.50
- Cardano -5.1% at $0.14
- Iota -2.4% at $0.92
- Tether flat at $1