Institutional investors have continued to pump money into cryptocurrency investment products in Q1 of this year, according to a report by CoinShares. The inflows of $4.2 billion in the first quarter have broken the previous record of $3.9 billion made in the fourth quarter of 2020.
NYDIG CEO Robby Gutmann recently told listeners of the “On the Brink” podcast to brace for a slew of announcements by the firm’s strategic partners. Gutmann said the announcements could bring new levels of “Bitcoin adoption, Bitcoin availability, Bitcoin products and services within the existing traditional financial landscape.”
Daily cryptocurrency market performance. Source: Coin360
While new products and services that may attract fresh investors are a positive sign, traders should also keep an eye on the price of Bitcoin (BTC). In a bull market, every positive development is cheered by a sharp rise in price.
However, when the price stops reacting positively to favorable news, it is a sign of exhaustion. That does not guarantee a change in trend, but being watchful could safeguardTitle: Price analysis 3/17: BTC, ETH, BNB, ADA, DOT, XRP, UNI, LTC, LINK, BCH
Sourced From: cointelegraph.com/news/price-analysis-3-17-btc-eth-bnb-ada-dot-xrp-uni-ltc-link-bch
Published Date: Wed, 17 Mar 2021 19:00:00 +0000