While this is taking place, investors’ appetite for crypto has not waned in the slightest.
BTC prices are currently closing the session at $51,700, up about 2%. Alts are doing great as well, as seen through the BTC Dominance index, which fell below 61 over the session, despite BTC’s good performance.
ETH led the charge, up more than 5%. LINK ramped up 10%. XTZ, which had risen about 8% yesterday, rose another 3.7%. Other alts are up between 2-5%.
While there’s plenty of speculating going on in many projects, the continuous pour-in of capital into the crypto space highlights a shift in perception and the growing relevance of blockchain tech in today’s world. Goldman Sachs surveyed its clients and about 40% of them have some sort of crypto exposure.
Just yesterday, NYDIG (a provider of BTC investment solutions) announced a $200 million growth capital round led by Stone Ridge, Morgan Stanley, MassMutual, and the Soros Fund, among others.
If that wasn’t enough to show interest in the space, we’re hearing rumors of yet another BTC ETF to be listed in Canada, giving diversity to investors in terms of ways to gain crypto exposure.
Last but not least, you know I like to look at exchange flows. Yesterday, another 12,000 BTC moved out of Coinbase Pro and onto a private wallet. Looks like institutions aren’t done buying.
Written by: Justin d'Anethan, Sales Manager
Yesterday's trading was mixed. Early in the session, even with reports of economic slowdown in the US, traders were still buying, maybe thinking it solidified the accommodative Fed policies.
Yesterday’s narrative was somewhat bittersweet. On the one hand, Fed policies remain hyper accommodating, which is positive. On the other hand, the accommodating stance is based on lingering concerns about the economic recovery in the US (and also globally).
Bitcoin has fallen back below $40,000 today, as the denial from Amazon of the impending acceptance of Bitcoin as a payment method came through. Prices returned to our support level of $36,500 before rallying once more, a sign that this move may be supported by more than just click-bait headlines.