The post Crypto on ‘slow and steady’ pace to mainstream adoption – Canaccord Genuity appeared on BitcoinEthereumNews.com.

Mainstream adoption of digital assets has been steadily increasing, driven by significant regulatory advancements and rising institutional interest, according to Canaccord Genuity research. According to Canaccord’s research report, the mainstream adoption of digital assets is anticipated to continue driving growth in the sector, with Galaxy Digital well-positioned to capitalize on these evolving trends. Slow and steady adoption Canaccord Genuity said in its research that crypto is being adopted at a “slow and steady” pace, which is positive for long-term growth. According to the report, recent developments, such as the Securities and Exchange Commission’s (SEC) approval of eight spot Ethereum exchange-traded funds (ETFs), mark pivotal moments in the institutional acceptance of digital assets. The regulatory progress is expected to pave the way for further approvals, setting the stage for broader adoption. Digital assets are now hovering near all-time highs, fueled by this incremental regulatory clarity and robust business execution by leading crypto firms. The growing integration of crypto into traditional financial systems is further evidenced by partnerships between crypto companies and major financial institutions. These collaborations signify a deeper integration of digital assets into the global financial ecosystem, reinforcing the trend toward mainstream acceptance. Galaxy Digital poised to benefit Galaxy Digital, a prominent player in the crypto financial services sector, is well-positioned to benefit from this rising trend of mainstream adoption. Canaccord Genuity has raised its price target for Galaxy Digital (GLXY) from C$17 to C$23, maintaining a buy rating on the stock. Galaxy Digital’s shares closed at C$16.25 on June 7. The report highlighted Galaxy Digital’s strategic positioning and effective business execution as key factors for the positive outlook. The firm has made significant inroads into the ETF market through partnerships with major financial firms like Invesco, DWS, and Itau, which are expected to drive substantial growth in the ETF space…

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Filed under: News - @ June 11, 2024 4:10 am