The Skys The LimitCrypto is now bracing for a multi-trillion Wall Street earthquake after Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Litecoin, Solana, Tron, and Polygon prices surge

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Update 07/25 below. This article was originally published on July 23

BitcoinBTC, Ethereum, XRPXRP and other major cryptocurrencies are currently trading sideways despite a shock crypto prediction from the CEO of BlackRock.

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The price of bitcoin has doubled since the start of 2023, pushing the combined bitcoin, ethereum, XRP and crypto market to over $1 trillion (with a “huge” Chinese bomb on the horizon).

Now, a well-respected crypto developer has explained how he sees the blockchain industry growing “very, very rapidly by billions of dollars” as Wall Street giants converge on blockchain technology.

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MORE FROM FORBESBinance CEO Reveals When Next Crypto Price Bull Run Could Hit After $27 Trillion Bitcoin, Ethereum, BNB & XRP BombshellBy Billy Bambrough bitcoin, ethereum, XRP, BNB, cardano, dogecoin, solana, tron ​​& polygonare primed for a multi-trillion Wall Street earthquake.AFP via Getty Images

“You have this public and internet blockchain of contracts primarily defined by DeFi [decentralized finance], and you have this world of the banking chain, which I think will be mostly defined by real-world asset tokens. The next step will be to overlap these two worlds,” Sergey Nazarov, the co-founder of blockchain network chainlink, told The Block on the sidelines of the EthereumETH community conference in Paris.

Nazarov predicted that Wall Street banks would build their own cross-chain blockchains and stablecoins, using Chainlink’s Cross-Chain Interoperability Protocol (CCIP), currently in an early access phase, to connect them. The protocol is designed as an “open source global standard for decentralized cross-blockchain messaging, data, and token movement,” according to the Chainlink Foundation.

“And when that happens, beyond the efficiencies and gains for each of these groups, then you’ll see the blockchain industry as a whole, I think, grow very, very rapidly by billions of dollars,” Nazarov said.

7/25: Update: The price of bitcoin and other major cryptocurrencies have fallen sharply as the Federal Reserve’s two-day interest rate decision meeting begins, which is due to announce its decision tomorrow.

“Bitcoin is still fluctuating in a tight range for just over a week, and it will likely continue to do so until the conclusion of this week’s Federal Open Market Committee (FOMC) meeting,” said Yuya Hasegawa, crypto market analyst at Tokyo-based crypto exchange Bitbank, in comments via email. “The market has almost fully priced in another 25 basis point rate hike by the Fed this week and is very cautious about whether it will deliver another by the end of this year, as the FOMC’s previous economic outlook suggested.”

However, dogecoin, the meme-based bitcoin rival adored by Tesla TSLA billionaire Elon Musk, bucked the crypto market trend, climbing higher as traders continue to bet that Tesla billionaire Elon Musk will try to integrate the cryptocurrency into his renowned Twitter app, X, in a bid to create a super social and financial app.

CCIP has been tested with Swift, the global interbank messaging network, potentially enabling cryptocurrency transfers between public and private chains through Swift’s messaging infrastructure.

Nazarov said the chainlinka network of nodes that provide data and information from off-blockchain sources to on-blockchain smart contracts “is preparing to launch a pilot.” “If we move to a pilot with real value moving between different banking chains, I mean, then the sky’s the limit,” Nazarov said.

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MORE FROM FORBESShock Flip reveals that an “unprecedented” $9 trillion “revolution” could be about to hit the price of Bitcoin and major cryptos Ethereum, BNB and XRPBBy Billy Bambrough 2022 crash, with other major cryptocurrencies Ethereum and XRP soaring. Forbes Digital Assets

The 2022 crypto price crash, wiping roughly $2 trillion from the combined bitcoin, ethereum, XRP and crypto market, spooked investors who had rushed headlong into crypto, echoing previous market cycles over the past decade.

However, last month, the world’s largest asset manager, BlackRock, launched a run for a full-fledged bitcoin spot exchange-traded fund (ETF) in the United States, demonstrating that Wall Street interest has lasted through the winter of 2022 bitcoin and crypto prices.

“This time is the first time after the four cycles I’ve been through [bank’s haven’t lost interest after the price crash] and I think the reason it hasn’t happened is because their customers want blockchain stuff,” Nazarov said, pointing to French banking giant Societe Generale which recently developed a stablecoin and put it on a public blockchain.

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

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