The price of Bitcoin is over $60K for the first time in several weeks. Is more upward movement ahead?
Bitcoin is officially back up and over the $60K mark after briefly dipping below the line this weekend. BTC originally recaptured $60K on Saturday after staying in the $50,000s for the better part of a month.
What’s driving BTC up? eToro’s Simon Peters said in a statement that the rise is due to “a number of factors.” Namely, “new demand from institutional investors and wealth managers offering cryptoasset exposure to clients,” as well as “a decline in on-Exchange reserves is reducing supply as more investors move the currency to their own wallets.”
Could Bitcoin’s current price momentum be the start of a run to $70K?
Corporate and Institutional Movements for Bitcoin Are Playing an Important Role
Finance Magnates has previously made a number of reports on Bitcoin 'whales' that are habitually moving their BTC off of the exchanges. For example, at the end of March, Finance Magnates reported on massive Bitcoin outflows from Coinbase: $1 billion worth of BTC has left the digital exchange in just 24 hours. On April 6th, Finance Magnates reported on WhaleAlert’s findings that one Bitcoin hodler transferred 5,193 BTC to an unknown wallet.
Additionally, Simon Peters pointed to the recent entry of State Street asset management firm into the crypto universe. “State Street has forged a deal to lend its trading technology to start-up Pure Digital, which aims to be the main institutional platform for bitcoin,” Peters said.
“This Year Could Be a Momentous One for the Adoption and Appreciation of Crypto Assets”
“The new trading venue will enable cash cryptoasset trading for investors via their existing banking relationships, with Currenex, State Street’s platform providing the underlying technology.”
The exchange is scheduled to launch in the middle of the year. “This launch is yet another example of major financial firms exploring cryptoassets and looking to play a more substantial role in the market,” Peters said. In addition to Paypal and Visa, StateStreet is following in the footsteps of “BNY Mellon, Goldman Sachs and Morgan Stanley. This year could be a momentous one for the adoption and appreciation of crypto assets in not only the retail but institutional market too.”
Moreover, Peters pointed to Rick Caruso’s retail estate company, which owns luxury apartments and outdoor malls ('The Grove’ and 'The Americana’) which will now accept rent in the form of bitcoin. Tangentially related, Peters pointed to McDonald’s recent announcement in France that it will be releasing a series of its iconic menu items as NFTs.
Could Bitcoin’s current price momentum be enough to push the BTC price to $70K? Some analysts believe it may be so. However, BTC’s price movement in the coming days will determine whether BTC is ready to gain further ground, or if another retracement is imminent.
Bitcoin is officially back up and over the $60K mark after briefly dipping below the line this weekend. BTC originally recaptured $60K on Saturday after staying in the $50,000s for the better part of a month.
What’s driving BTC up? eToro’s Simon Peters said in a statement that the rise is due to “a number of factors.” Namely, “new demand from institutional investors and wealth managers offering cryptoasset exposure to clients,” as well as “a decline in on-Exchange reserves is reducing supply as more investors move the currency to their own wallets.”
Could Bitcoin’s current price momentum be the start of a run to $70K?
Corporate and Institutional Movements for Bitcoin Are Playing an Important Role
Finance Magnates has previously made a number of reports on Bitcoin 'whales' that are habitually moving their BTC off of the exchanges. For example, at the end of March, Finance Magnates reported on massive Bitcoin outflows from Coinbase: $1 billion worth of BTC has left the digital exchange in just 24 hours. On April 6th, Finance Magnates reported on WhaleAlert’s findings that one Bitcoin hodler transferred 5,193 BTC to an unknown wallet.
Additionally, Simon Peters pointed to the recent entry of State Street asset management firm into the crypto universe. “State Street has forged a deal to lend its trading technology to start-up Pure Digital, which aims to be the main institutional platform for bitcoin,” Peters said.
“This Year Could Be a Momentous One for the Adoption and Appreciation of Crypto Assets”
“The new trading venue will enable cash cryptoasset trading for investors via their existing banking relationships, with Currenex, State Street’s platform providing the underlying technology.”
The exchange is scheduled to launch in the middle of the year. “This launch is yet another example of major financial firms exploring cryptoassets and looking to play a more substantial role in the market,” Peters said. In addition to Paypal and Visa, StateStreet is following in the footsteps of “BNY Mellon, Goldman Sachs and Morgan Stanley. This year could be a momentous one for the adoption and appreciation of crypto assets in not only the retail but institutional market too.”
Moreover, Peters pointed to Rick Caruso’s retail estate company, which owns luxury apartments and outdoor malls ('The Grove’ and 'The Americana’) which will now accept rent in the form of bitcoin. Tangentially related, Peters pointed to McDonald’s recent announcement in France that it will be releasing a series of its iconic menu items as NFTs.
Could Bitcoin’s current price momentum be enough to push the BTC price to $70K? Some analysts believe it may be so. However, BTC’s price movement in the coming days will determine whether BTC is ready to gain further ground, or if another retracement is imminent.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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