BTC price is in a “steady upward trend” and institutions want to increase Investments in bitcoin
BTC price is in a “steady upward trend”
As pointed by Delphi Digital analysts. Bitcoin’s surge is now more robust than last year, as traders prefer to hold coins rather than speculate on exchanges.
The current rise in bitcoin price to $12,500 in August differs from strengthening to $13,800 in 2019. Back then, the wallet balances of crypto exchanges were increasing, and this year they continue to fall, despite the rise in prices. This suggests that the selling pressure is now much lower.
“This suggests a more sustainable move upwards for BTC, in comparison to that of 2019 as data indicates a holder base with longer time horizons,” analysts say.
The balance of bitcoins on exchanges fell from an all-time high of 2.96 million coins in February to 2.59 million BTC today.
Institutions want to increase Investments in bitcoin
Cryptocurrency insurance company Evertas conducted a survey among institutional investors from the US and the UK, who manage assets totalling $78.4 billion.
It turned out that 90% of respondents expect an increase in investments in crypto assets. 64% of those surveyed said they expect a small increase in investment from pension funds, family managers, insurers and sovereign wealth funds. Another 26% of respondents believe that institutions will “dramatically” increase investment in bitcoin and other cryptocurrencies in the next five years.
84% of respondents attributed improved regulation to the reasons, and 80% named liquidity, which will grow along with the expansion of the crypto market.
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