New Bitcoin Rally Raises Money From Wall Street

New Bitcoin Rally Raises Money From Wall Street

Why Investors Are Piling Into Bitcoin Despite the Risks | WSJ

Contents

New Bitcoin Rally Raises Money From Wall Street
CONTENT

  • Bitcoin Continues Bullish Run Above $ 10,000.

  • MTC dynamics attract institutions as a hedge against stock market volatility.

  • European stocks suffer losses due to fears of new quarantine restrictions.

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Bitcoin Breaks $ 12,000, Making It More Difficult For Wall Street Investors To Resist Crypto Allure Amid Falling Stocks.

As recently as the day before, the BeInCrypto editorial staff said that crypto market participants anticipate a breakdown of the $ 12,000 barrier. Indeed, the bitcoin rate (BTC) successfully crossed this round mark – for the third time this year (two previous attempts took place in August 2020). Such dynamics looks especially advantageous against the background of the current behavior of stock markets.

New Bitcoin Rally Raises Money From Wall Street

What’s so special about it?

One could argue that nothing special happened on the crypto market, since Bitcoin has traded at these levels before. However, this time the situation looks a little different..

Last month, we already reported that as of September 27, Bitcoin has already closed for 63 days in a row above the key psychological mark of $ 10,000.Thus, in September, it broke its own previous record of 62 days in the period from December 1, 2017 to January 31 2018. Now the rate has been holding over $ 10,000 for 83 days..

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Another notable point is the resilience of bitcoin compared to the last time it crossed the $ 12,000 mark. In August, this was followed by an aggressive pullback in price. Meanwhile, over the past 30 days, the volatility of the BTC settled in the area of ​​1.5%, which almost equaled it with the same indicator of gold at 1.2%. Bitcoin’s famous price swings are leveling off, at least for now.

Stability is good

In this regard, a very noteworthy statement was made by the official representative of the AAX trading platform, which is the first cryptocurrency exchange in the world to enter into partnership with the London Stock Exchange and work on its technologies..

New Bitcoin Rally Raises Money From Wall Street

“Previously, Bitcoin pullbacks from the highs were accompanied by a strong fall, so investors did not consider this asset a full-fledged hedging tool against market fluctuations. However, now we are receiving signs that indicate its stabilization “.

Unsurprisingly, Bitcoin has begun to attract more investors. The number of bitcoin wallets with more than 0.1 coins in their balance has reached a record high, according to Glassnode, and the number of addresses holding more than 100 coins is at a six-month high.

Institutional investors have also revived. Grayscale has been demonstrating high activity for several months already. Back in August, the total size of cryptocurrency assets under its management exceeded $ 5.5 billion, and currently, according to the company itself, has reached $ 6.5 billion. According to Bitcoin Treasuries, in general, there are now 785 under management of public companies, including Grayscale. 999 BTC, equivalent to approximately $ 9.18 billion.

Stock markets get nervous

An important role in this was played by the current dynamics of stock markets, which have recently lacked clarity about the fate of the new package of fiscal stimulus measures for the US economy in the context of the COVID pandemic..

New Bitcoin Rally Raises Money From Wall Street

European stock indices were also trading in the red today, coming under pressure from news about the threat of new quarantine measures in the Old World due to the aggressive offensive of the coronavirus.

Overall, political news continues to be an important driver for the fiat markets. Perhaps they will get more clarity on the prospects for further stimulus after the US presidential election on November 3. Meanwhile, for cryptoinvestors, November 5 may already be the hundredth day of Bitcoin’s stay above the $ 10,000 mark..

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