Wall Street and institutional investors could push Bitcoin price higher: Bitcoin price (BTC) has been making dramatic downside moves over the last couple of weeks. These moves are quite surprising for bulls since numerous fundamental developments are creating underlying support for the entire cryptocurrency market.
The downside volatility moved bitcoin price to $8,200 level last week after peaking around $9,900 a few days ago. BTC coin price currently trades around $8,800.
The rest of the cryptocurrency market is in the doldrums. Several altcoins posted major losses last week amid the broader market selloff.
Bulls are optimistic that BTC price will move higher in the coming days; the wave of interest from Wall Street in cryptocurrency could easily be a catalyst for the next bull-run.
Does Wall Street’s Interest Signal an Upside?
The cryptocurrency market dynamics are changing rapidly over the last year, and opinions are starting to change. Wall Street has started showing its interest in the crypto market thought before it called it a “bubble and fraud”. Bitcoin traders are expecting a fresh wave of institutional investment into cryptocurrency markets following Goldman Sachs interest.
Although the Berkshire Hathaway chairman Warren Buffett rejected investing in bitcoin and other digital currencies, numerous other prominent hedge fund managers are finding the opportunities in emerging virtual currency markets attractive; Linxus Management CEO Mark Harrington believes it’s the perfect time to jump into the crypto market. The fund manager says that regulators have increased Wall Street’s confidence.
He stated: “Some projects are ‘inflated,’ but overall growth will lead to a $1tn market cap in late 2018. Combined with ETFs and qualified custodian accounts, the appeal of cryptocurrency is expected to keep growing.”
Previously NASDAQ and Intercontinental Exchange (ICE) have also hinted at becoming a cryptocurrency exchange. It’s always tricky to predict where bitcoin price and the rest of market is moving in the future; several market activities are vindicating bulls stance.
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