Bitcoin is restoring its positions, and institutional traders are blamed for its drop

Bitcoin rises 2.9%, while Ethereum rises 7%

The five popular crypto coins today, November 30, are in the “green zone” and are showing moderate growth.

Ethereum price was $590 at 12:00 UTC. Bitcoin has grown by almost 3% over the past day. BTC price is at the level of $18,641.

BTC broke the $19,000 mark last week. But after an impressive breakout, the crypto coin suddenly fell below $17,000.

Santiment analysts suggested that traders with 1,000 or more BTC were the key drivers of the fall in the value of the cryptocurrency.

The report says that 11 whales sold their digital assets when Bitcoin was trading at $19,300.

JPMorgan fears another drop in Bitcoin due to institutional traders

According to an analyst at JPMorgan Chase & Co, the speculative “foam” has somewhat subsided along with the decline in the price of the main cryptocurrency last week. However, Nikolaos Panigirtzoglou does not exclude the likelihood of a further fall of Bitcoin.

The analyst believes that the massive closure of transactions for the purchase of BTC by “inertial traders” [talking about institutional traders and exchange consultants] played a significant role in the fall of the crypto coin below $17,000.

Panigirtzoglou emphasized that the number of profitable positions for such traders was significantly reduced. And if Bitcoin does not begin to recover quickly, the rest of the transactions may be closed, which will lead to another decline in BTC price.

Stanford expert called for BTC to be integrated into the American financial system

Niall Ferguson, a senior researcher at Stanford, is confident that Joe Biden’s new government needs to focus on introducing BTC into the US financial system.

“But it will be a fundamentally different world when all our payments are recorded, centrally stored, and scrutinized by artificial intelligence — regardless of whether it is Amazon’s Jeff Bezos or China’s Xi Jinping who can access our data,” the expert wrote in his column.

The crypto enthusiast is confident that the shortcomings of bitcoin, for example, slow transactions or significant electricity costs are compensated by the sovereign nature of the main crypto coin and the established emission.