Bitcoin recently approached the $97,000 mark on May 1, providing a significant boost to the market. This surge is largely attributed to Morgan Stanley and Charles Schwab, two notable firms on Wall Street, taking strides to enhance their presence in cryptocurrency trading. Their intentions to develop crypto trading mechanisms are drawing considerable attention from both the media and investors alike.

Morgan Stanley’s E*Trade Considers Crypto Trading

Morgan Stanley is reportedly making preparations to introduce cryptocurrency trading via E*Trade, a brokerage they purchased in 2020. The aim is to launch this service by 2026, with Bitcoin and Ethereum expected to lead the way.

Currently, Morgan Stanley’s crypto offerings are limited to its wealthy clients through ETFs and futures. This new initiative aims to democratize access to cryptocurrency, enabling common users who are accustomed to trading stocks on E*Trade to enter the world of crypto.

“Just saw Morgan Stanley’s plan to bring crypto to E*Trade in 2026, Big move for mainstream adoption. Bitcoin’s hovering near $97K, and altcoins might rally if it breaks $100K. Anyone else feeling bullish this May? What coins are you stacking?”
— John Hadrick 🦛, source

Charles Schwab Plans for Spot Crypto Trading

Charles Schwab is also poised to enter the crypto market, expressing intentions to offer spot trading within the year, contingent upon regulatory approval. Although they have indirectly engaged with the crypto space through ETFs, Schwab has additionally collaborated to establish EDX Markets, a non-custodial crypto exchange, alongside Fidelity and Citadel.

Market Effects and Competitive Outlook

These strategic moves by established financial institutions could disrupt existing platforms like Coinbase and Robinhood. The stock of Robinhood fell in response to Morgan Stanley’s crypto plans, indicating that investors are closely monitoring these developments.

Moreover, as U.S. regulations evolve to be more accommodating towards digital assets, the prospects for traditional finance entering the crypto arena appear more favorable.

Conclusion

Bitcoin’s uptick above $97K is part of a larger trend, showcasing real interest from established finance giants like Morgan Stanley and Schwab in making cryptocurrency a regular part of retail investment strategies. Whether the prices continue to rise or stabilize, this transition is clearly underway.