‘The Sky’s The Limit’—Crypto Now Braced For A Multi-Trillion Wall Street Earthquake After Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Litecoin, Solana, Tron And Polygon Price Boom

The bitcoin price has doubled since the beginning of 2023, pushing the combined bitcoin, ethereum, XRP and crypto market back over $1 trillion (with an "enormous" China bombshell on the horizon).

Bitcoin BTC 0.0%, ethereum, XRP 0.0% and other major cryptocurrencies are currently trading sideways despite a shock BlackRock CEO crypto prediction.

The bitcoin price has doubled since the beginning of 2023, pushing the combined bitcoin, ethereum, XRP and crypto market back over $1 trillion (with an “enormous” China bombshell on the horizon).

Now, a widely-respected crypto developer has outlined how he sees the blockchain industry growing “very, very rapidly by trillions of dollars” as Wall Street giants converge on blockchain technology.

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“You have this public blockchain and internet of contracts primarily defined by DeFi [decentralized finance], and you have this bank-chain world, which I think will be primarily defined by real-world asset tokens. The next stage will be getting these two worlds to overlap,” Sergey Nazarov, the cofounder of the chainlink blockchain network, told The Block on the sidelines of the Ethereum ETH 0.0% Community Conference in Paris.

Nazarov predicted Wall Street banks will build their own blockchains and cross-chain stablecoins, using chainlink’s cross-chain interoperability protocol (CCIP), currently in an early access phase, to connect them. The protocol is designed as an “open-source global standard for decentralized inter-blockchain messaging, data, and token movements,” according to the Chainlink Foundation.

“And when that happens, beyond the efficiencies and the gains for each of these groups, then you will see the blockchain industry as a whole, I think grow very, very rapidly by trillions of dollars,” Nazarov said.

07/25: update: The bitcoin price and other major cryptocurrencies have fallen sharply as the Federal Reserve’s two-day interest rate decision meeting gets underway, due to announce its decision tomorrow.

“Bitcoin is still fluctuating within a narrow range for a little more than a week, and it will likely continue to do so until the conclusion of this week’s Federal Open Market Committee (FOMC) meeting,” Yuya Hasegawa, crypto market analyst at Tokyo-based crypto exchange Bitbank, said in emailed comments. “The market has almost fully priced in another 25 basis point rate hike by the Fed this week and is paying close attention to whether they are going to carry out another by the end of this year as FOMC’s previous economic outlook suggested.”

However, dogecoin, the meme-based bitcoin rival beloved by Tesla TSLA -2.1% billionaire Elon Musk, has bucked the crypto market trend, climbing higher as traders continue to bet Musk will try to integrate the cryptocurrency into his rebranded Twitter app, X, in an attempt to create a social and financial super app.

CCIP has been trialed with Swift, the global inter-bank messaging network, potentially allowing for cryptocurrency transfers across public and private chains via Swift’s messaging infrastructure.

Nazarov said chainlink—a network of nodes that provide data and information from off-blockchain sources to on-blockchain smart contracts—is “gearing up to launch a pilot. “If we go to a pilot with real value moving between different bank chains, I mean, then the sky’s the limit,” Nazarov said.

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The 2022 crypto price crash, wiping around $2 trillion from the combined bitcoin, ethereum, XRP and crypto market, has spooked investors who had rushed headlong into crypto, echoing previous market cycles over the last decade.

However, last month the world’s largest asset manager, BlackRock, kicked off a race to a fully-fledged U.S. spot bitcoin exchange-traded fund (ETF), demonstrating Wall Street interest has endured through the 2022 bitcoin and crypto price winter.

“This time is the first time after the four cycles that I’ve been through that [bank’s haven’t lost interest after the price crash] and I think the reason it hasn’t happened is because their clients want blockchain stuff,” Nazarov said, pointing to French bank giant Societe Generale recently developing a stablecoin and putting it on a public blockchain.