Bitcoin Bull Run Is Intact, Analyst Says

It’s been just revealed thayt an analyst of the crypto market said that the Bitcoin bull market is still intact despite the fall in the price of the king coin.

Will Clemente is now looking at on-chain activity and concluded that the Bitcoin bull market is not yet over.

He pointed to activity on crypto exchanges which he says indicates that deep-pocketed investors bought the BTC dip as fear gripped the market.

“Speaking of exchange flows, one of the largest exchange outflows of the year took place amidst all the panic. OTC outflows also spiked during the dip; it appears big money bought the fear.”

He also mentioned the large influx of stablecoins onto exchanges as well, suggesting that investors are gearing up to buy the pullback.

“Roughly $460 million of Tether (USDT) was printed following the sell-off. In the chart below showing net transfer volume, over $650 million of Tether was moved onto exchanges Thursday. Tether does not always signal instant buys, but capital is on exchanges waiting to be deployed.”

Bitcoin adoption

CNBC learned that Bitcoin could be taking another massive step towards the mainstream adoption in 2021.

It’s been revealed that the customers of some US banks will be able to buy, hold and sell BTC via their already existing accounts, says crypto custody firm NYDIG.

The company is a subsidiary of $10 billion New York-based asset manager Stone Ridge, and it has partnered with fintech giant Fidelity National Information Services (FIS) to enable U.S. banks to offer BTC in the coming months, according to the two firms.

CNBC says that “Hundreds of banks are already enrolled in the program, according to Patrick Sells, head of bank solutions at NYDIG.”

The notes say that while the firm is in the talks with some of the biggest U.S. banks, many of the lenders that have agreed to participate are some small institutions such as Suncrest, a California-based community bank with seven branches.

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