Wall Street's Institutional Interest Fuels Crypto Rally and ETF Race.

Major financial institutions, including BlackRock, Citadel Securities, Fidelity Investments, Charles Schwab, and Deutsche Bank, are making new bets on cryptocurrencies, adding competition and momentum to an upstart industry that is under increasing pressure from US regulators. These endorsements from institutions that have a track record on Wall Street are helping to push the value of cryptocurrencies higher, especially bitcoin, which rose to its highest price in a year on Friday, to $31,389. However, the industry is facing rising peril from regulatory crackdowns, including lawsuits filed by the Securities and Exchange Commission against Coinbase and Binance.