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Cryptocurrency market blew up to new all – time highs indicates that Several Institutional and Retail Investors are Entering the Market

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Dec, 15 2020

Dec, 15 2020

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Jannet Yellen, Former Chair of the Federal Reserve is declared as incoming Treasury Secretary. After this announcement, the Crypto bull market and Bitcoin (BTC) are receiving more attention from Wall Street.


According to a report, the flagship cryptocurrency, Bitcoin on Monday has again managed to hit a new all-time high record on major digital asset exchanges. The digital currency on OkCoin was trading as high as $ 19,920, which shows an astonishing increase from the weekly lows.


After a sharp drop of last week which was a result of decreased pressure of liquidity and buying of digital assets on a holiday weekend.


During the last week, with Guggenheim Investments, Bitcoin got another Wall Street supporter, as confirmed in an exchange’s report. The report also revealed that the PayPal users in the U.S. are tremendously excited about buying cryptocurrency and using it as a means of payment, shown by the recent statistical data.


Since it was a holiday and still the bitcoin was pushed from the $ 10,000 range to $ 19,000 by the institutional buyers. So, it is believed that the buyers who contributed to this surge, might have stopped trading on a daily basis, then resulted in a market of sellers.


The exchange also pointed out the sparked fears spread among the potential buyers after the bearing rumors. In accordance with some analysts, these rumors may also have contributed to the sell-off.


Bitcoin was sitting around $ 17,000 by the end of the week, assumed to move lower. But the cryptocurrency market inched higher, throughout the weekend and the market blew up to new all-time highs on Monday morning.


According to the founder of Round Block Capital, Brock Connelly, the new all-time highs achieved by Bitcoin were due to a broadcast appearing in the CME's Bitcoin futures market. This shows a fierce institutional interest in the cryptocurrency.


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