Bitcoin prices have rallied again, briefly surpassing $52,000 after it fell up to 21% over the past few days. It has surpassed the $50,000 key psychological level after the selloff towards the end of last month.
This makes it its highest level in two weeks.
The world’s most famous cryptocurrency had been on a volatile trajectory, but with the return of the stimulus fueling activities in the United States, and more big-name investors backing crypto, things seem to be on the up for the market.
The latter investments, in particular, underscore a growing trend of institutional money flowing into the digital space, which itself is gaining attention from regulators simultaneously.
And while the overall outlook for the cryptocurrency industry may still be under fierce debate, there are clear bullish indicators in the short term. Longer term, another round of bearish sentiment may be in store as the market stabilizes and Bitcoin faces heavy selling pressure.
But the big takeaway is that institutional money is backing crypto.
Billionaire hedge fund manager Marc Lasry and former US Commodity Futures Trading Commission Chairman Giancarlo have invested in crypto asset and blockchain investment firm BlockTower Capital.
What’s remarkable is that we are still in the early stages of this institutional interest, and a lot more people are going to open up to crypto.
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