Crypto Market in a Sea of Red; Morgan Stanley Gears Up to Offer ETFs

The crypto market extends its slump. And Morgan Stanley advisors gear up to offer ETF S. You're watching Coindesk Daily, I'm your host, Jen Sani Bitcoin extended its slump during Asian trading hours on Monday, plunging below $50,000 before recovering. The leading Cryptocurrency is sitting at the lowest level since mid February as rising tensions in the Middle East and concerns about the strength of the global economy ate into investor confidence. Ether has also posted steepest single day plunge since May 2021 singing to as little as $2060. The lowest level since the beginning of 2024 the bloodbath led to over a billion dollars in liquidations in the crypto futures market. And the crypto fear and greed sentiment index shows that participants are fearful. Former President Donald Trump turned to crypto again in an interview on Friday, Trump suggested to Fox business' Maria Barto Romo, that Bitcoin could potentially help with us national debt. He said, quote, we'll hand them a little Bitcoin and wipe out our $35 trillion and quote, Vice President Kamala Harris hasn't yet made any policy statements about her own view on Cryptocurrency, but one of her campaign accounts on X aired the clip from Trump's interview seeming to slam Trump's view and advisors from Morgan Stanley will be able to offer Bitcoin ETF S to wealthy clients starting Wednesday. That's according to a report from C NBC, the Wall Street giant is allowing its 15,000 plus financial advisors to sell shares of Blackrock's I bet and Fidelity's F BT C to clients with a net worth of at least $1.5 million. The January approval of Bitcoin ETF S raised hopes that they would attract financial and institutions to crypto but large firms often have lengthy compliance and review processes to undertake before they approve the offering of funds. Morgan Stanley held $269.9 million of gray scales G BT C as of March 31st. A sign that it may have plans to offer ETF S to clients at some point. That's it for coin desk daily, get more updates on coindesk.com and we'll see you next time.