Bitcoin (BTC) missed hitting a new all-time high on March 11 by just a whisker as Oracle Corporation denied rumors that it had purchased about 72,000 Bitcoin. This suggests that traders could be looking for signs of greater institutional adoption to boost Bitcoin’s price further.
One of the main factors that may have kept several institutional investors at bay is the lack of regulatory clarity but this could be on the verge of changing.
In a recent interview on the Thinking Crypto podcast, Hester Peirce, a commissioner at the United States Securities and Exchange Commission, said that Gary Gensler’s nomination to be the President of the SEC could lead to greater regulatory clarity being given to the crypto sector.
Daily cryptocurrency market performance. Source: Coin360
If that happens, several institutional investors may jump in and purchase Bitcoin. Another possible instrument that may attract both institutions and retail investors is a Bitcoin ETF. Just this week, New York-based asset manager WisdomTree joined the list of aspirants who are seeking the SEC’s Title: Price analysis 3/12: BTC, ETH, BNB, ADA, DOT, XRP, UNI, LTC, LINK, BCH
Sourced From: cointelegraph.com/news/price-analysis-3-12-btc-eth-bnb-ada-dot-xrp-uni-ltc-link-bch
Published Date: Fri, 12 Mar 2021 20:35:00 +0000