Institutional Interest In Crypto: Wall Street Expects A New Bitcoin Rally
It seems that the institutional interest in crypto is on the rise these days.
This is really important because, as we’ve been reporting all year, the mainstream adoption of digital assets requires a few essential ingredients, and institutional money is one of them.
The mass adoption of cryptos has been one of the most important goals that the crypto industry has set for 2019 and there have been a lot of moves made in order to achieve this.
Wall Street expects a new Bitcoin rally
Since the bulls came back to the crypto market a couple of weeks ago, due to China and more reasons, there have been a lot of optimistic crypto-related predictions.
New data coming from Skew Markets reveals that Wall Street traders are now betting on a new Bitcoin rally.
According to the company, 870 BTC is now net long, and as the online publication the Daily Hodl revealed: “That number was 660 BTC last week – which represents a 30% increase in a matter of days.”
Institutional longs at CME – one month high
Could we see a breakout soon > 1.5k BTC? pic.twitter.com/y9SmywwVE0
— skew (@skewdotcom) November 2, 2019
In other related news, Bitcoin has been surrounded by positive forecasts these days.
For instance, one of them claims that BTC will soon hit $100k.
Anthony Pompliano talked crypto business with CEO of EuroPacific Capital Peter Schiff.
Schiff said that BTC could hit $100k before the next crash.
He said that anything is possible these days and if people decided not to sell BTC, and then people try buying, and there is no supply, the price would go up.
Bitcoin hodlers won't sell as they believe they'll get rich when #Bitcoin moons. Bitcoin whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the hodlers don't lose faith and cash out so that they can cash in!
— Peter Schiff (@PeterSchiff) October 29, 2019
He reminded people that it once went up to $20k, and this means that it’s possible that BTC could go higher, even to $100k.
The crypto market looks pretty good today, and at the moment of writing this article, Bitcoin is trading in the green.
The most important crypto in the market is currently priced at $9,412.14.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.