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Cryptogambling / Bitcoin’s price recovery fuels optimism, investor interest

Bitcoin’s price recovery fuels optimism, investor interest

Publish Date: 26/06/2023

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Bitcoin’s resilient climb from its recent slump marks a significant rebound in its value. The surge from $25,000 to $31,000 has renewed investors’ optimism and attracted 1.8 million short-term token holders.

While on-chain data show that Bitcoin’s daily buying volume has decreased by 42 percent, the positive developments in the Bitcoin market have eased some concerns keeping investors away from the asset. The recent price action that retested the resistance level of $31,000 could also encourage more people to enter the market.

Positive fundamentals are also contributing to the market’s growth thesis. Behemoth asset manager BlackRock recently filed an application for an exchange-traded fund (ETF) that focuses on Bitcoin.

The filing led to a significant rise in the value of the asset. In the past week, Bitcoin has gained almost 20 percent. The broader cryptocurrencies also rallied, pushing their market cap to over $1 trillion.

Some of the most prominent cryptocurrencies that have seen a surge in value include Ethereum and Binance Coin. PEPE, a meme-inspired digital token, also performed well in the market.

A survey conducted by Laser Digital, a division of Nomura, revealed that over 90 percent of professional investors are planning on investing in cryptocurrencies. The overwhelming majority of these investors noted that they are already aware of the asset’s potential to diversify their portfolio.

According to Jez Mohideen of Laser Digital, the survey results show that many institutional investors are starting to recognize the asset’s potential.

The survey was conducted with over 300 participants. It showed a clear sentiment about the potential of cryptocurrencies. Over 82 percent of the investors have a positive outlook on Bitcoin and Ethereum, while 88 percent of the respondents said their clients are considering investing in them.

The commitment shown by long-term Bitcoin holders, such as MicroStrategy, to maintain their holdings has shown a positive trend that could reduce the overall supply. The combination of positive developments and the increasing number of investors considering Bitcoin has created a bullish outlook for the cryptocurrency market.

Pro XRP lawyer echoes bullish market sentiment

In a bid to gauge market sentiment, Pro XRP lawyer John Deaton posed a thought-provoking question to his extensive Twitter following. His Twitter currently has over 276,300 followers.

Deaton’s query centered around the potential value of Bitcoin and whether its market cap could one day reach half that of gold. Bitcoin’s value could shoot up to $300,000 if this scenario happens.

The founder of CryptoLaw said that the current price of Bitcoin is an ideal entry point for long-time investors. He also pointed out that BlackRock CEO Larry Fink reversed his stance on Bitcoin.

Fink’s positive outlook on the asset has caused a significant change in sentiment. The shifting sentiment was attributed to the impressive track record of BlackRock. It manages over $10 trillion in assets globally. The company’s approval rate for over 600 ETF applications has also reignited the possibility of a Bitcoin ETF being launched.

The previous week, around $1.4 billion worth of Ethereum and Bitcoin were withdrawn from centralized exchange platforms. The market’s reaction to the BlackRock Bitcoin ETF application sparked buying activity.

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