For example, just last week, when the currency was hovering around the $30,000 threshold, a whole host of pundits was warning investors to brace for impact, suggesting that the premier crypto asset was on the verge of a correction and could once again dip to around the $20,000 region.
However, in just one day, Bitcoin was once again playing with the bulls, retesting the $38,500 limit, only to witness a selloff and eventually settle around the $33,500 region. While for most crypto veterans that might have been another day at the office, others branded the upsurge as “Elon’s Candle,” which relates to Elon Musk, the CEO of Tesla, who included “Bitcoin” in his Twitter bio as well as sent out the following cryptic message “in retrospect, it was inevitable” to his 40 million-odd followers online.
Regardless of the cause, has the recent price volatility scared off institutional investors, or are they still looking to buy Bitcoin? But if they are, it is strange to see BTC continuing to hover between the $30,000–$40,000 range amid reports of big-name players lapping up sizable sums of Bitcoin. For example, on Jan. 22, when BTC dipped by 15%, MicroStrategy announced yet anotherTitle: Institutional demand for crypto isn’t subsiding, but impact will be gradual
Sourced From: cointelegraph.com/news/institutional-demand-for-crypto-isn-t-subsiding-but-impact-will-be-gradual
Published Date: Sun, 31 Jan 2021 15:14:00 +0000