Cryptocurrencies – FinanceBrokerage
Bitcoin gained popularity a long time ago. However, it remains one of the most famous cryptocurrencies in the world. It’s worth noting that Bitcoin made gains over $ 50,000 in Asian trading on Thursday. As a result, the largest cryptocurrency is back on track after losses last week, and the upward momentum is returning due to increased mainstream interest.
Interestingly, it rose 1.7% and was trading at around $ 50,976 at 11:14 a.m. in Hong Kong on Thursday. The largest cryptocurrency rose up to 11% during U.S. trading on Wednesday.
As a reminder, the cryptocurrency has been volatile, with prices falling 21% last week before rebounding with the earlier broad rally in global stocks. On a technical basis, the GTI Global Strength Indicator began to curve upwards, indicating an upward trend for Bitcoin. As a reminder: The GTI Global Strength Indicator recognizes fluctuations in trends.
It’s up 13% this week.
People should keep in mind that countries are trying to solve the problems caused by the coronavirus pandemic. Congress recently passed an economic stimulus package. Interestingly, this is very good for scarce assets like bitcoin.
Bitcoin and famous investors
It’s worth noting that more well-known investors are backing crypto. For example, billionaire hedge fund manager Marc Lasry and former chairman of the US Commodity Futures Trading Commission, Giancarlo, invested in crypto asset and blockchain investment firm BlockTower Capital.
Additionally, Bitcoin and other cryptocurrencies are attracting growing interest from mainstream investors in Canada. As a reminder, the launch of Bitcoin exchange-traded funds contributed $ 5.2 billion in inflows in February. It is the second highest month in which such flows have been recorded.
Interestingly, these investments underscore a growing trend for institutional money to flow into the digital space, which also attracts the attention of regulators as emerging industries try to find a place in mainstream finance. As a reminder, the outlook for the cryptocurrency industry is still hotly debated. Proponents like to mention the increasing institutional acceptance. However, critics say Bitcoin is a giant bubble that will burst like the 2017 boom and bust cycle.
Hopefully Gary Gensler understands the importance of the crypto markets. Interestingly, the candidate for chairman of the US Securities and Exchange Commission stated that it was a challenge for the agency to ensure that the crypto markets are free from fraud and manipulation. Authorities should work with both experts and businesses to find the best solution in the near future.
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