Is Bitcoin About to Move Again as Crypto Markets Awaken?

Weekends are usually pretty quiet for crypto markets. Unlike forex, digital assets can be traded around the clock and at weekends but old habits appear to die hard for traders. As we enter a new week there are big expectations for Bitcoin which could well make a move.
Mixed Outlook from Analysts
There has been virtually no movement on crypto markets for the past three days. Total market capitalization has hovered just above $170 billion which is $15 billion down from its 2019 highs last week. A push back to those highs could see markets reaching $200 billion again before the month is over however if Bitcoin fails to break key resistance levels, the consolidation could continue.
Analysts are generally mixed on short term price direction and some foresee a movement this week as technical indicators align again;

$Btc
Not much difference from previous posts. Would not be surprised to see some action tomorrow, as weekends often are quiet.
Do expect this RSI support to be broken this week pic.twitter.com/DkyczKKBZt
— The Cryptomist (@TheCryptomist) April 14, 2019

Others are not so optimistic and expect another big dump, as ‘The Crypto Dog’ tweeted yesterday;
“I could be completely wrong and get stuck sitting by myself on the sidelines, but it’s my opinion we see another wipe out on $ALTS and $BTC before we start trending onto new highs. Sitting mostly in fiat going into this week, waiting for opportunities to present themselves.”
A ‘broken price floor’ is what one trader described Bitcoin as having reached with heavy resistance at $5,800. There is expectation here for BTC to consolidate between $4,700 and $5,500 for a several weeks or even months before a larger breakout occurs.
Daily RSI is sitting right on 70 which is just on the edge of overbought territory. The ‘golden cross’ could also come into play as the two daily moving averages converge and are still on a path to intersect later this month.
Bitcoin prices had started to wake up again at the time of writing with a move from yesterday’s low of $5,060 up to touch $5,200 again for the first time since Thursday. Volume, which had dropped to single figures, is now back over $10 billion as Asian traders kick start the markets this Monday morning.
On the week BTC has fallen back almost 2 percent but since last week’s big dump back below $5,000 it has recovered around 4.5% to current levels indicating that the bulls are still in control for the time being.
Bitcoin prices 7 days. Coinmarketcap.com
The crypto twitter sphere has been preoccupied with the ‘guess who Satoshi is’ saga that has unfolded in recent days which has served as a temporary distraction for lack of market movement. This week has started with positive momentum but the leading assets at the moment are altcoins, primarily Bitcoin Cash and Litecoin. Each has added 8 to 9 percent on the day and are the top performing high cap coins at the time of writing.
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No Resistance to $6,000 Say Bitcoin Bulls, Is Another Pump Coming?

Following yesterday’s epic two hour Bitcoin surge, markets have held these levels today as new support and resistance zones are formed. A number of crypto analysts and industry observers claim that BTC will not stop there and has very little resistance all the way up to $6,000.
Bitcoin Higher on Record Volumes
Rumors of a single buyer causing the digital tsunami on crypto markets are spreading today. Reuters reported that the Bitcoin pump was probably triggered by an order worth about $100 million. According to Oliver von Landsberg-Sadie, CEO of crypto firm BCB Group this was spread across US based exchanges Coinbase and Kraken and Luxembourg’s Bitstamp. He added;
“There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC. If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour.”
This single event caused a cascade effect triggering automated buy orders across Asia which sent Bitcoin barreling towards $5,000 in a move which added almost 20% to BTC in a day. It has been Bitcoin’s best single day gain for almost a year.
Founder and CEO of crypto investment firm BKCM and self-proclaimed Bitcoin bull, Brian Kelly, told CNBC;
“Sentiment has shifted here. All indications that we have — whether it be fundamentals, technicals, the quantitative analysis we do — all suggest that we probably have at least started to put in the bottoming process.”
He added that improved fundamentals and greater institutional interest alongside new products such as crypto custody from big brokerage firms has added to sentiment.
Kelly explained that the huge levels of volume, which currently equal record levels of $23 billion, could send Bitcoin back to price levels not seen for five months. $6,000 is a reasonable move for this rally said, adding that he wouldn’t call BTC overvalued until it reached the $6,500 to $6,800 range.
Others observers such as RT’s Max Keiser echoed the sentiment posting this meme on twitter;

$6,000 is calling. Will you answer? #Bitcoin pic.twitter.com/WR3izUQF2i
— Max Keiser, tweet poet. (@maxkeiser) April 3, 2019

Resistance is Futile
Looking back at the chart for the past six months or so there are no major resistance points between current prices and the level it capitulated from in November. From a technical standpoint the Relative Strength Index (RSI) on the BTC weekly chart is interesting as it is attempting to move above a crucial point at 53.85 for the first time since February 2018.The 50 period EMA is also coming into play on the same chart and a break through this could easily send Bitcoin to $6,000.
Analyst Alex Krüger has waded in response to price queries from followers with his predictions that also spell further upsides for Bitcoin;

Base case scenario:
– Up. FOMO. 5500 (5000 too close). – Then down. 4000 feasible, see latecomers fold. – Then chop in the gap, form a new range– Sustained bull resumption afterwards
Analysts still waiting for 1500 or 1800 likely won't be selling many books.
— Alex Krüger (@krugermacro) April 2, 2019

At the moment momentum is all bullish and the crypto community is finally rejoicing after months of doom and gloom. It this truly is the end of crypto winter the only way is up for Bitcoin and its brethren for the foreseeable future.
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Ethereum Fractals Play Out as ETH Jumps 10%, Where Will it Go Next?

Another rally has initiated on crypto markets and Ethereum has performed particularly well with a pump of 10% over the past few hours. Fractal patterns are often used to make price predictions and those on the Ethereum charts are very clear at the moment.
Repeating Patterns For ETH
Fractals are a price prediction tool which can be used when a pattern repeats itself on a smaller scale. They can be seen in all forms of nature and are repeated in financial markets. Mathematical patterns and an element of chaos theory indicate that a random cyclical action will produce a fractal.
Traders on twitter have noticed that Ethereum’s fractal has just played out and some have made predictions as to where it will go next.

$ETH fractal playing out. pic.twitter.com/N3z1Xy2NKX
— Hsaka (@HsakaTrades) March 5, 2019

The v-shaped pattern following the big dump is virtually a mirror of the same pattern that played out in early January. Back then Ethereum climbed to a high of $160 before a big dump took it back down to $127 on January 11th.
Ethereum prices YTD. Coinmarketcap.com
Last week’s dump dropped Ethereum from $165 to $135 before prices eroded over the week to the same low of $127. Over the past 24 hours Ethereum has recovered around 10% to surge from $127 to an intraday high of $140. Daily volume has exceeded $5 billion once again as markets rebound. The move has recovered all of Ethereum’s losses over the past week. Again XRP has not managed to gain much which has increased the market cap gab between the two to $1.4 billion.
Further Fractals For Ethereum
Others have predicted that a second fractal will play out, again mirroring one that occurred in late December 2018. This would take Ethereum prices back to $165 forming a head and shoulders pattern.

$ETH fractal playing out. pic.twitter.com/cDJZvn7bVk
— J.L. (@Depictograph) March 5, 2019

This second scenario would trap traders at the top and could result in another dump dropping ETH back to around $120. From a technical analysis viewpoint these movements are clearly plausible.
Fundamentally the world’s second largest crypto asset is getting a boost from the SIX Swiss Exchange announcing an Ethereum ETP. The new Ethereum product trading at the largest stock exchange in Switzerland has been issued by cryptocurrency startup Amun AG, which based in the country’s blockchain hub, Zug. The exchange already has a Bitcoin exchange traded product which it launched at the end of last month.
At the time of writing Ethereum was trading 7% higher on the day at $137. Since its December low of $85 Ethereum has recovered over 60% to its current level, outperforming Bitcoin by a clear margin. If the current mini rally can be sustained ETH could well break through resistance at $150 later this week.
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How Will This Week’s Tron Hard Fork Affect TRX Prices?

The big anticipation this week is for Ethereum’s Constantinople hard fork but Tron will also be forking before month end. Traditionally hard forks and network upgrades are bullish for crypto assets but in light of the recent massive market dump the effect on prices may be harder to ascertain this time.
Tron to Fork on Feb 28
Project founder Justin Sun made the announcement a few hours ago via twitter. In it he stated that there will be four primary upgrades and new features;

#TRON will launch 3.5 hard fork upgrade on 2/28. New Features: 1. multi-sig and acct mng, institution ready 2. Dynamic energy adjustment to real-time network performance 3. 50% up performance & res usage 4. Better VM safety, events server for Dapps. Go! #TRX $TRX
— Justin Sun (@justinsuntron) February 24, 2019

The multi signature and account management upgrade provides more security for blockchain transactions. According to Sun it is one of the things needed for institutional involvement and the collaboration with BitGO will make Tron institution ready;
“Multi-sig, acct mng and custody are three major requirements from institution. Recently we have received numerous demands from hedge funds, mainstream investors and financial institution. With 3.5 upgrade and the partnership with @BitGo, #TRON is ready! “
The second upgrade is a dynamic energy management system designed to improve blockchain efficiency. Energy consumption is a big concern for the heavyweights such as Bitcoin and Tron recognizes that it needs to address this issue to streamline network performance and energy management.
Performance is the third issue to be improved with a claimed 50% upgrade for the network. Tron so far has outperformed its rival Ethereum in terms of transaction speeds and this boost will make it even better though there were no specifics on how this would be achieved.
The Tron Virtual Machine gets the fourth upgrade with a number of security enhancements and improvements for dApp developers. An event server for dApps will also be launched as part of the Odyssey 3.5 network upgrade.
Tron Prices
TRX Market Reaction
Currently crypto markets are still licking their wounds from the epic $17 billion dump that occurred yesterday. No crypto asset has escaped the purge but some have fared better than others. The majority of cryptos, including Tron rivals Ethereum and EOS, have dumped double figures. ETH shedding 14% and EOS getting smashed 15%.
Tron has only lost just over 5% in the recent slide as it fell back to $0.024. Against Bitcoin it has actually climbed 4.2% to 650 satoshis. TRX volume as surged from $160 million to $350 million and it has actually started to recover at the time of writing, up 7.4% from its daily low a few hours ago.
A flippening is imminent and Tron is now only $10 million or so away from Stellar in eighth place in terms of market cap. TRX currently has $1.63 billion market cap and is likely to climb the charts again this week.
Over the past week TRX has remained stable despite the huge market wide pump and dump. In 2019 it has been one of the top performing altcoins with a gain of 30% since January first. This week’s hard fork and network upgrade is likely to push prices even higher for TRX.
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Major Profits for Early Bitcoin Investors, What Will the Next Ten Years Bring?

In investing, what is comfortable is rarely profitable and several findings support this popular claim. Back in 2014, a study The Digital Dividend-First Mover Advantage, published by Harvard Business Review Analytic Services and sponsored by Verizon Enterprise Solutions, found that early adopters of technology—in finance or otherwise, are more likely to experience better business outcomes in terms of revenue and market position.
Needless to say, Bitcoin is a success story for early adopters and has clearly put this assertion to test. Like it has been the case in anything potentially disruptive and against status quo, Bitcoin faced a lot of opposition in early days with some even claiming that the peer-to-peer cash payment system is too libertarian, too rebellious and a tool for money laundering.  It is 2018 but some critics, as the London-based entrepreneur Jez San even say, Bitcoin is “is way too hard to use – it’s so user unfriendly that the man in the street just can’t use it”.
On the other hand, evangelists such as the Winkenvloss Twins who have since made billions and are known serial investors, believe Bitcoin is a trillion-dollar asset waiting to blow up despite price roller-coaster ride since inception back in 2008.
A Bitcoin Success Story
Bitcoin prices have been volatile to say the least. And it was even worse in the early days because despite retailing for cents, liquidity was shallow. Luckily, operators were technology lovers not speculators. In 2011 for example, Bitcoin was cheap retailing at around 30 cents apiece.
An initial purchase of $100 would turn in around 333 BTC. At current market rates, this investment is worth $2.131 million at $6,400. But, since the markets are down 70 percent from their peaks, this $100 purchase would have been worth a massive $6.66 million in late 2017. This $0.30, $1,000, $6,000, $20,000 and $6,000 rise and falls are the hallmarks of a volatile market.
Though the rise has been precipitous, the path has been murky to say the least. And not surprising, those who bought their coins when it was worth cents are not bothered. They have been in the game for a while now they are used to the eruptions and resulting cool-offs.
Take Marshall Hayner for example. An earlier adopter who took a chance with the fledgling technology and started mining Bitcoins back in 2009. He remains a staunch believer of Bitcoin and even with mild market moves, he believes Bitcoin is still a winner:
“I have seen these run-ups and drops in bitcoin and I did not even flinch as a believer in this technology. I really believe that bitcoin is the next digital gold” he told Reuters.
His overview is confirmed by Daniel Peled, an Israeli Entrepreneur who is happy regardless of the next turn of price.
The Trillion-Dollar Market in Waiting
While price and resulting market caps of digital assets are important, investors and traders alike should look at other metrics like use and adoption rate. Bitcoin might be facing some opposition in certain areas because of the global, decentralized nature of its underlying technology. Add that to the fact that money is involved, governments are clamping down on rogue elements. To some  degree, this hampers adoption.
But behind it, its infrastructure is flourishing. As the market tapers off and finds support at $6,000, Bitcoin is poised to take off. This is more so the case once a regulatory balance is struck and developers devise efficient solutions such as the Lightning Network that allow payment channels with micro-transactions at near real time settlement.
Merging all these factors it is easy to see why Bitcoin is here to say. In years to come, it could quickly turn into a store of value or a medium of exchange. Regardless of what it becomes, early investors, or even those that get in now could be set to reap big rewards.
 
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Analyst: Low Volatility is a Positive Sign for the Cryptocurrency Markets

As the cryptocurrency markets continue to trade sideways as trading volume decreases, many traders are beginning to lose patience and interest in the markets.
Despite this unusual trading activity in generally volatile markets, one analyst believes that it is actually a good sign for the future success of the markets.
At the time of writing, Bitcoin is trading at $6,465, still stuck in its unprecedented trading range between $6,200 and $6,800. In the past month, BTC has only broken out of the range once, when it sharply moved up to nearly $7,000 in mid-October. After making this sharp upwards move, it was quickly thrown back down to approximately $6,600, gradually declining ever since.
Rob Sluymer of Fundstrat Global Advisors, recently wrote about the declining volatility and dwindling trading volume, explaining that although investors shouldn’t get too excited about a pending bull market just yet, there is reason to be hopeful.
“While it is still premature to conclude a major upside trend reversal is broadly under way, each week we have highlighted an incremental ‘Silver Lining’ developing within the crypto universe,” Sluymer noted.
He went on to explain that low volume, decreased volatility, and the bullish divergences that have occurred in the price charts of many large cryptocurrencies, could eventually lead to the next bull market.
“We continue to view the decline in volatility, lower volumes and positive divergences between many alts and larger caps, notably [Ethereum and Bitcoin] as encouraging technical developments,” he said.
Despite being cautiously optimistic, Sluymer has previously expressed, and continuously maintains, that in order for a new bull market to form, it is critical that Bitcoin decisively breaks its September highs of approximately $7,400.
Cryptocurrency Seeing Increased Adoption That Could Aid Prices
Despite there being a generally low market sentiment, the cryptocurrency markets are seeing increased corporate and institutional adoption that is adding to the fundamental strength of the markets.
The latest example of this would be Visa’s CEO announcing that the company is considering adopting cryptocurrency assets.
In a recent interview with CNBC’s Mad Money, Al Kelly, Visa’s CEO, said that the payment processing company is actively considering adopting cryptocurrency as a payment instrument in the future, explaining that:
“I think that [the market needs to actually believe] that crypto is moving from being a commodity to really being a payment instrument. [There also] needs to be a market so that it can become somewhat like a fiat currency in order for us to be comfortable with it.”
While his tone was cautious as best, his latest comments are a big shift from what he has said about the markets in the past, previously saying that the “sun has set” on Bitcoin and cryptocurrency.
During the interview he further added that:
“If we have to go there (cryptocurrency), we will go there, but right now, it’s more of a commodity than a payment vehicle.”
As institutions and corporations become increasingly open to using cryptocurrencies to increase their operational efficiency and to add to their bottom line, investors and the public will likely recognize this, and it could ultimately incubate a future bull run.
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Market Analyst: Bitcoin Needs SEC Blessing to Continue Rally

As Bitcoin’s price continues to trade sideways amidst a bout of low trading volume, investors are becoming increasingly keen to know which direction Bitcoin will move next. This will likely signal the continuance or reversal of the persisting bear market trend.
Today, Bitcoin was trading relatively flat, trading within the tightening range between $6,500 and $6,700, at a current price of $6,550 at the time of writing.
Bitcoin has been caught in an unprecedented and tightening range for the past month, with some analysts attributing it to a maturing market, while others believe that it is like a spring, coiling for its next big price swing.
While speaking to MarketWatch, Naeem Aslam, the chief market analyst at Think Markets U.K., said that Bitcoin may trade flat until there is greater regulatory clarity from the U.S. Securities and Exchange Commission (SEC), and that for a trend reversal to occur, the SEC will likely have to give Bitcoin its explicit blessing.
“Bitcoin needs some sort of a blessing and only that can revitalize the rally for the currency,” Aslam said. As to who will give this blessing, Aslam believes that it will be the SEC:
“I think that the SEC seeking a public opinion about the Bitcoin ETF is a positive sign, the department perhaps wants to respect the public opinion and most importantly wants to see the accurate landscape,” he said.
Importantly, Aslam also noted that the public perception of the Bitcoin ETF could play a big role in its approval, with the regulators seeking guidance from prospective investors while formulating their decision.
“If the public interest shows that the support is in favor of ETF it is highly unlikely that the department would reject an actual application which satisfies their criteria,” he added.
Investors Should Wait for Bitcoin to Break Its Trading Range Before Investing, Says Analyst 
Although Aslam believes that it will take the SEC to break Bitcoin’s current trading range, other analysts are warning investors to wait for the range to break before entering, or re-entering the markets.
In a recent note to investors, Rob Sluymer, a technical strategist at Fundstrat Global Advisors, explained that investors would be wise to sit on the sidelines while Bitcoin ranges, waiting for a trend confirmation before investing.
“Investors should remain patient and wait for evidence of an improvement in ‘trend’ before increasing exposure,” Sluymer noted.
He also added that the key levels that should be watched for are September’s highs, which, if broken, could signal a market reversal.
“A move above the September real and relative highs remains the key resistance/reversal level that will need to be exceeded to signal the early stages of a trend reversal,” he said.
It is likely that Bitcoin’s trading range will be broken in the coming days or weeks, the question is: which way will it break, and what does that mean for its future?
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Fundstrate Analyst Says Now is Not the Time to Increase Bitcoin Exposure

Over the past week Bitcoin has seen an unprecedented amount of stability, with its volatility hitting a 17-month low. During the past few weeks, altcoins have had the chance to regain some of their losses, and they are now sitting well off their year-to-date lows.
Despite the stability and increasing market sentiment, one analyst is telling investors that now is not the time to increase their exposure to Bitcoin.
The analyst, Rob Sluymer, a technical strategist at Fundstrat Global Advisors, recently explained that investors should wait on the sidelines through the current stability and wait for Bitcoin to make a major price move and to establish a trend before entering the markets.
“Investors should remain patient and wait for evidence of an improvement in ‘trend’ before increasing exposure,” Sluymer said in a recent research note, reports MarketWatch.
For the past month, Bitcoin has been ranging between approximately $6,300 and $6,800, and has been tightening its trading range for the past week. In the last seven days, this trading range has narrowed to approximately $6,480 and $6,650, a tight range that many investors expect to be broken in a decisive move, up or down.
As for the signs of reversal or trend continuance are concerned, Sluymer believes that Bitcoin needs to move decisively above its September highs in order for the possibility of a reversal to be validated.
“A move above the September real and relative highs remains the key resistance/reversal level that will need to be exceeded to signal the early stages of a trend reversal,” he said.
Could the Days of Bitcoin’s Parabolic Movements be Over?
Due to the recent quietness in the markets, something that cryptocurrency investors are not used to, some analysts have said that this is a signal of a maturing market, meaning that the days of massive and rapid price swings could be gone.
While speaking to Bloomberg recently, Nigel Green, the founder of the deVere Group, said that the current market stability could “be a signal that the cryptocurrency market is maturing.”
This thought is reflected by multiple other analysts, all of whom believe that the decreasing volatility could be a good sign for market health, signaling increasing maturity.
Mike McGlone, a Bloomberg Intelligence commodity strategist also spoke about the declining trading volume, noting that the trend will likely continue, saying:
“This is a maturing market, so volatility should continue to decline. When you have a new market, it will be highly volatile until it establishes itself. There are more participants, more derivatives, more ways of trading, hedging and arbitraging.”
It is likely that Bitcoin will break its current trading range in the coming weeks, but it is becoming increasingly unclear as to whether or not the days of parabolic price movements are over, or if there is still room for exponential gains.
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Survey: 72% of Institutional Investors Believe Crypto Prices Would Rise in a Recession

A new survey conducted by Fundstrat Global Advisors has found that 72% of institutional investors believed that cryptocurrency prices would rise in the case of a global recession.
This is mainly due to the belief that non-governmental and retail market-related investments would be seen as a safe haven due to their distance from traditional markets.
The Fundstrat survey results were corroborated by a Twitter survey that found similar results amongst investors, with 59% of respondents claiming that they expect cryptocurrencies to rise during a recession.
Cryptocurrencies are fundamentally tied to an anti-establishment movement that began after the 2008 global financial crisis that reduced global trust in traditional banking systems and governments. It also led to the creation of Bitcoin by the mysterious Satoshi Nakamoto, whose goal was to empower people by allowing them to be their own bank.
Conflicting Opinions on How Cryptocurrency Prices Would Handle a Recession
Despite cryptocurrency’s ties to anti-establishment movements, some analysts disagree with the aforementioned survey results, explaining that because cryptos are seen as high-risk investments, their success is typically tied to periods of times where investors feel comfortable risking their money.
Mati Greenspan, a senior market analyst at eToro, explained that investors should rush to conclusions regarding how the crypto markets would respond to a recession, reports MarketWatch.
“I don’t think it’s so binary. If we look over the past few years crypto have had a unique correlation with high-risk assets. They have risen as investors sought additional risk,” he said.
Despite being cautious in assuming that prices will rise as traditional markets falter, Greenspan also explained that the belief expressed in the Fundstrat and Twitter survey are understandable, saying:
“However, I do see why investors think that. Bitcoin was built on the ashes of the financial crisis to provide an alternative to fiat money run by governments and banks. If there was a catalyst that would make people question the role of these institutions then I can see them moving higher.”
The Fundstrat survey also had a few other interesting conclusions, finding that investors believe governmental and central bank adoption is the main influential factor in the markets, and that the market is incredibly split on the usefulness of XRP, the third largest cryptocurrency by market capitalization.
Tom Lee, the managing partner at Fundstrat explained that:
“On Twitter, 46% chose XRP as their favorite and 31% said it made “least sense.”—no other token came close. Even 28% of Institutions also said XRP made the least sense and zero institutions picked it as their favorite token.”
The Fundstrat survey was conducted between September 30 and October 3 and consisted of 9,500 responses from investors. The data regarding the institutional views of the cryptocurrency markets was conducted during a dinner event with representatives from 25 financial institutions. However, it remains unclear which institutions were present for this event.
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Analyst: Large Scale Investors Interested in Bitcoin Despite Current Prices

Although Bitcoin is sitting just above its year-to-date low at $6,300, analysts are confident that large scale investors are still interested despite the persisting bear market. Industry sentiment also appears to be near its yearly low, with most investors and analysts calling for pending drops closer to $4,800.
Despite there being little hope for another major rally in the foreseeable future, institutional and large-scale investors are still interested in the markets, according to Naeem Aslam, chief market analyst at Think Markets U.K., reports Market Watch.
“On the OTC (over-the-counter) front we are still seeing significant demand, many of it large orders, buying both bitcoin and ethereum at these levels. However, on the retail front, they are more in panic mode.”
Aslam’s analysis of the institutional demand for cryptocurrency is supported by the sheer number of institutions beginning to offer cryptocurrency products.
Recently, reports surfaced claiming that Citigroup was working on a cryptocurrency custodian investing solution that would operate similarly to American depository receipts, allowing institutions to invest in Bitcoin through a fully regulated product that is secure from risk of hacking. Morgan Stanley also announced plans to offer a similar product.
Alistair Milne, the chief information officer at Altana Digital Currency Fund, discussed the growing interest in cryptocurrencies by major financial institutions, noting that institutional demand is important for future cryptocurrency prices, saying:
“Goldman, Citibank, ICE. Now Morgan Stanley. All launching Bitcoin products and services because there’s no institutional demand. Institutional money took the hedge fund industry from $300 billion to $6 trillion.”
SEC Bitcoin ETF Decision the Most Immediate Catalyst for a Major Bitcoin Price Move
Bitcoin has been ranging between $6,200 and $6,600 for the past week, following a move down from its previous uptrend, where it rose from $6,300 to $7,300 before falling back to $6,200. Despite the current stability, investors are waiting for the upcoming U.S. Securities and Exchange Commission (SEC) announcement regarding the Bitcoin ETF before placing any major trades.
The SEC will be announcing their decision on the CBOE VanEck/SolidX ETF on September 30th, and investors are placing a significant amount of stock on the results of the ruling. Many familiar with the application and the SEC’s approval framework have claimed that the VanEck/SolidX ETF is the most likely of all the previous applications to be approved.
If the SEC does approve this Bitcoin ETF, market sentiment will surge on the hopes that institutional and retail investments will rise, leading to a surge in Bitcoin prices and the overall cryptocurrency markets.
If their decision is to deny or delay the application, however, the markets will respond negatively, with Bitcoin leading a temporary price crash that will pull the overall markets down.
Once institutional products begin being released by the aforementioned banks, they will likely impact the prices as well.
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