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BitcoinBTC, ethereum and other major cryptocurrencies are currently trading far below their all-time highsthough one influential investor who saw the Covid pandemic coming thinks that could be about to change.

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The bitcoin price has added around 70% since the beginning of the year as traders brace for a potential Federal Reserve u-turn, helping the ethereum price rally.

Amid the brutal crypto winter that's erased almost $2 trillion of value from the market, two of the world's largest financial institutions with a combined $14 trillion in assets under managementFidelity and BlackRockBLKare quietly expanding into the world of bitcoin, ethereum and cryptocurrency.

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"At BlackRock we continue to explore the digital assets ecosystem, especially areas most relevant to our clients such as permissioned blockchains and tokenization of stocks and bonds," Larry Fink, the chief executive of the world's largest asset manager wrote in his annual letter to shareholders, adding "very interesting developments are happening in the digital asset space."

Last year, Fink predicted crypto's blockchain technology will usher in "the next generation for markets" after signing a major deal with bitcoin and crypto exchange Coinbase.

Meanwhile, Fidelity Investments has now opened up its crypto trading platform to its 37 million users to buy and sell bitcoin and ethereum commission-free, it was first reported by The Block.

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The bitcoin and crypto market has traditionally moved cyclically, surging higher before crashing and then soaring higher again.

Some bitcoin, ethereum and crypto market watchers are pointing to bitcoin's next halving, when the flow of new bitcoin being created will be cut by half, as a potential catalyst for the next bitcoin price bull run.

"Were about a year away from bitcoins next halving," Alex Thorn, Galaxys head of research, said in emailed comments. "Historically, these have been bullish events for the digital asset."

The next bitcoin halving is scheduled for late April 2024 and will see the bitcoin block reward issued to miners cut to 3.1 bitcoin, down from 6.2 currently.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Read more:

$14 Trillion Earthquake: Fidelity And BlackRock Are Quietly Laying The Groundwork For The Next Bitcoin, Ethereum And Crypto Price Bull Run - Forbes