Crypto Gains Institutional Interest During Bear Period
22 October 2018 - 10:29PM
ADVFN Crypto NewsWire
The best time to enter a market is
when it’s oversold, which is exactly what is happened with the
crypto industry as it retains a yearly bearish pattern.
With a recent drop, followed by
some significant gains from a certain bottom area has upped
medium-term bullish sentiments in the crypto market. The biggest
cryptocurrency in the market, Bitcoin has reversed its downtrend on
several occasions after testing a $250 wide area below $6,000 as
strong support. The price action has led those with bullish
attitudes to conclude that it would be impractical for the bears to
crash Bitcoin below the $6,000 mark citing miners breakeven
ROI.
The growing number of hedge funds
launched this year and has testified that there is a demand for
crypto gateways amongst institutional investors. The endowments of
several various high profile institutions including MIT, Harvard,
Stanford and Yale universities to name a few have spread their
risks into at least one digital currency fund.
Big names are entering the crypto
industry such as Mike Novogratz who is a well known Bitcoin
supporter. Pantera Capital-fame founder, Dan Morehead invested in
over 40 cryptocurrency related startups and is currently one of the
biggest institutional owners of digital assets. And the list goes
on.
According to News
BTC:
“Garry Tan, a prominent seed
investor, stated that investors believe that Bitcoin is bottoming
out and noted a “buying-the-dip” sentiment among prominent
investors, majorly citing David Swensen, Yale’s Warren Buffet, who
recently invested an undisclosed sum into two
crypto-funds.”
The current price of Bitcoin is
$6,634 and is in the red with a 1.12% change over the past
day.
What are your thoughts? Let us
know what you think in the comments down below!
Source:
CryptoDaily
By
Adrian Barkley
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