*By Jacqueline Corba*
The crypto world is turning to institutional investors to get the market out of its summer slump.
"This year, it's not *only* an asset that's only gone up, but it has great trading range, and that attracts a different type of institution where they see that volatility as an opportunity," Harbor Peak partner Paul Johnson said Thursday on Cheddar's CryptoCraze.
"But they are still, to some degree, trapped on the sidelines mostly for technical and institutional reasons ー not for any kind of market reasons," he said.
Bitcoin dropped Thursday below the $7,000 threshold, a mark it has hovered around for much of the summer. And it's a far cry from its all-time high close to $20,000 back in December of 2017.
"Short-term I think you are in a tight trading range through the fall," Johnson said.
The market is also anxiously awaiting approval of a Bitcoin ETF by the SEC. The agency rejected several proposals [last week] (https://cheddar.com/videos/sec-rejects-some-bitcoin-etf-proposals).
Johnson said the SEC is wary that its approval may signal investors to act too quickly.
"If they endorse an ETF they almost feel like they are telling retail and institutional investors this is a green light, and I think that makes them very nervous," he said.
For full interview [click here](https://cheddar.com/videos/why-many-institutional-investors-are-trapped-on-sidelines-of-crypto).
Peacock shared the trailer for the second season of the celebrity competition show, 'The Traitors.'
Darden, the parent company of chain restaurants like Olive Garden and Ruth's Chris Steakhouse, beat Wall Street estimates in its latest earnings report.
A former Facebook executive pled guilty to stealing more than $4 million from the company while she was employed there.
Rising safety concerns over water bead products marketed to kids have prompted major retailers like Amazon, Target and Walmart to pull some toys off their shelves.
The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Intel is out with a new product to challenge other big players in the space like Nvidia and AMD.
Stocks fell after the opening bell Friday but will end on another positive week.
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Americans picked up their spending from October to November as the unofficial holiday season kicked off, underscoring that shoppers still have power to keep buying.
The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
