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Institutional Interest for Crypto in Asia Increases As Bitcoin Price Charts Signal Breakout

After falling to sub-$53,000 levels, Bitcoin is currently forming a bullish ascending triangle on the hourly chart, a signal that there they may be a breakout this weekend. The sudden surge which carried Bitcoin to its new all-time high around $62k was followed by a correction. The value of BTC stumbled to $53k, however, it was since pushed higher to settle at around $56,000 to $59,000 range. With the current price action, institutional investors interest in the coin in Asia is heating up.

At 12:26 GMT, the coin was exchanging hands at $59,198, a 0.23% gain over the last 24 hours. Over the week, the price was ranging and tested $60k twice. From the current price action, it appears that $53,000 is the bottom. Amid a renewed bullish momentum, the coin halted retracement at $56,000, leaving the major support at $54,000 untouched.

bitcoin 4-hour chart

On the 4-hour chart, the relative strength index continues to signal a bullish sentiment as it in the overbought region. If the positive sentiment holds firm on the market, the bull rally will remain intact and continue.

Institutional investors interest in Bitcoin is heating up in Asia

As Bitcoin continues to gain favor among institutional investors in the Western world and America, Asian investors are not being left behind. During the week, two major conglomerates Kakao and Naver based out of South Korea confirmed their involvement with cryptocurrencies.

Naver, the biggest search engine in South Korea, confirmed its entry into the crypto space via Hashed venture fund. Kakao, who also owns 98% of the marketshare of messaging market through KakaoTalk, announced its own entry in the crypto and blockchain tech by investing heavily in it. Both tech giants cover major market shares for search and e-commerce in South Korea.

Joseph Young confirmed the news on Twitter:

Another major news is the confirmation that Morgan Stanley’s interest in Bithumb had legs. The bank is making an investment in the company. Naver said that Morgan Stanley was planning to invest between $254 million to $441 million (300 and 500 billion Korean won) in the exchange.

Sang Lee, president of VegaX, a Seoul-based digital asset management company explained why this news was important:

There is continued interest from the financial services industry in the Korean crypto infrastructure providers. Korea has historically been and continues to be one of the major hubs of crypto innovation and trading. We are seeing a refreshed interest from both the retail and institutional markets which will make Korean crypto infrastructure providers that much more important.

South East Asia’s first insured bitcoin fund, BCMG Genesis Bitcoin Fund-I (BGBF-I). It has set up this Bitcoin-only fund in anticipation of interest from large corporates and accredited investors in the pioneer cryptocurrency. This fund will help them diversify their cash reserves and balance sheet as it is being done in the US.

Fund Manager, Subbu Vempati said:

BGBF-I is a secure, insured and regulated platform where investors can get exposure to the Digital Assets industry. Investors get to benefit from our expertise in the financial, technical and security aspects of bitcoin investments, as well as enter this class with a peace of mind without any challenges or risk in directly handling the Digital Asset

If you have any questions and comments on Bitcoin today, use the form below to reply.

© IbrahimAnifowoshe for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin, Technical Analysis

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