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Cryptocurrency Adoption Is Proceeding “Slowly and Steadily,” Research Report Says — TradingView News
A new research report indicates a significant increase in mainstream adoption of digital assets, driven by recent regulatory advances and strategic moves in the sector.
What happened: This shift towards mainstream acceptance is expected to benefit key players such as Galaxy digital holdings BRPHFsecond Canaccor genuineness.
According to the research firm, the launch will take place in May with the approval of eight 19b-4 filings by the SEC Ethereum ETFs mark a fundamental step.
“This move by the SEC would not have been made if we were not on the path to ETH ETF approval,” the report notes, highlighting the growing institutional acceptance of cryptocurrency assets that is coming “slow and steady.”
This regulatory nod is seen as a precursor to further approvals, setting the stage for greater adoption.
Galaxy Digital Holdings is well positioned to benefit from this trend, thanks to its strategic partnerships with leading financial services providers such as I invest, DWS, Itau AND THERE.
The company is expected to raise significant assets in the ETF space globally.
The report raises Galaxy Digital Holdings’ price target from CA$17.00 to CA$23.00 ($16.50), reflecting this positive outlook.
The cryptocurrency mining industry is also witnessing notable progress.
Last week, Core Scientific, a leading Bitcoin miner, entered into a strategic relationship with the data center player CoreWeave.
“CoreWeave also made an offer to acquire it Scientific core 
If demand for AI-driven data center capacity continues to increase, such mining operations could see substantial appreciation.
Further bolstering the industry’s credibility, Robinhood recently announced plans to acquire European cryptocurrency exchange Bitstamp.
“Galaxy served as financial advisor to Bitstampas the company continues to develop its digital asset consultancy business,” the report highlights.
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Read also: The financial sector dominates Q1 crypto funding with inflows of $323 million
Because matter: The overall cryptocurrency market is nearing all-time highs, driven by increased regulatory clarity and solid business execution from industry leaders like Galaxy Digital Holdings.
The report highlights that “with digital assets approaching all-time highs, some incremental headwinds on the regulatory front, good deal execution from GLXY, and some reratings to a SOTP valuation, we are increasing our price target.”
Canaccord Genuity research also indicates a strong financial outlook for Galaxy Digital Holdings.
The company’s balance sheet showed more than $2.2 billion in book value of equity and $1.5 billion in cash at the end of the first quarter.
“On an operational basis, we see Galaxy operating the business slightly above breakeven,” the report notes, highlighting the potential for profitability and future growth.
What’s next: As the digital assets industry continues to evolve, industry stakeholders are preparing for significant events and discussions.
In particular, Benzinga’s Future of Digital Assets event on November 19 will serve as a critical platform for industry leaders to delve deeper into these trends and predict the future trajectory of digital assets.
Read next: Ethereum is ‘building capitalism or planned socialism’ but can’t do both, criticizes Crypto VC
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