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Institutional Investors Not Bothered by BTC Price Correction

Bitcoin is back at trading at the mid-$50,000 range after several rejections from resistance at above $60,000 per coin.

At 18:22 GMT on Tuesday, the coin was trading at $55,780, a gain of 1.06% over the last 24 hours. Since late 2020, this is the first time the momentum of the coin has turned bearish.

When Bitcoin broke above $13,000 and set a higher high for the first time beyond the 2019 peak, momentum carried the king cryptocurrency tens of thousands of dollars higher. But, right now, after repeated failed attempts to rally higher, that bullish momentum is beginning to fizzle out.

However, this doesn’t seem to bother Bitcoin whales and institutional investors.

According to data by crypto analytics firm, Santiment, institutional investors are not bothered by the fall in the price of the pioneer cryptocurrency. The price retracement has been seen as an opportunity to accumulate more BTC according to the data.

Over the last few weeks, institutional Interest hasn’t stopped increasing. Data provided by CryptoQuant, a data analysis firm, shows that although bitcoin has been shaky at best for the last few days, especially since March 14, both retail and institutional investors are HODLing their BTC instead of selling it for fiat.

Across the world, many firms are investing in the coin. Recently Meitu, a Hong-Kong stock exchange-listed company splashed a total of $90 million in bitcoin and ether. In the US, a pair of financial firms, First Advisors and SkyBridge Capital,  recently filed for a bitcoin ETF with the U.S. SEC. Cryptocurrency exchange Gemini today also announced a Venture Capital Fund called Gemini Frontier Fund to help budding crypto startups make a mark in the rapidly growing digital asset space.

The co-founder of Gemini, Tyler Winklevoss made this announcement on his Twitter account. He said:

Introducing the Gemini Frontier Fund, a strategic venture fund focused on investing in early-stage crypto projects and startups. We’re here to support the founders leading the crypto movement with capital and our industry knowledge and expertise.

The official announcement for the same read,

The Gemini Frontier Fund is another way for us to help grow our ecosystem alongside the Gemini Opportunity Fund, which supports Bitcoin Core Development. The Gemini Opportunity Fund has already donated $450,000 towards core development since its launch in December 2020, and it will continue to support the Bitcoin Network and developer community going forward.

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

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