{"id":328135,"date":"2021-08-20T18:07:00","date_gmt":"2021-08-20T15:07:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoins-race-to-50k-heats-up-as-solid-institutional-backing-continues\/"},"modified":"2021-08-20T18:07:00","modified_gmt":"2021-08-20T15:07:00","slug":"bitcoins-race-to-50k-heats-up-as-solid-institutional-backing-continues","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoins-race-to-50k-heats-up-as-solid-institutional-backing-continues\/","title":{"rendered":"# Bitcoin&#8217;s race to $50K heats up as solid institutional backing continues"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a381d28bffe7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a381d28bffe7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoins-race-to-50k-heats-up-as-solid-institutional-backing-continues\/#What_to_expect\" >What to expect?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoins-race-to-50k-heats-up-as-solid-institutional-backing-continues\/#Bitcoin_%E2%80%9Cgold_cross%E2%80%9D_spotted_suggesting_solid_near-term_price_action\" >Bitcoin \u201cgold cross\u201d spotted suggesting solid near-term price action<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoins-race-to-50k-heats-up-as-solid-institutional-backing-continues\/#Other_factors_affecting_BTCs_price_action\" >Other factors affecting BTC\u2019s price action<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin&#8217;s race to $50K heats up as solid institutional backing continues <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>The crypto market has been surging recently and there\u2019s one cryptocurrency \u2014 Bitcoin (BTC) \u2014 leading the way. After having suffered through volatility for the better part of the last 60-some days, the flagship crypto has showcased a high level of recovery, even breaking past its 200-day moving average earlier this month, suggesting that a move to the $50,000 psychological barrier may be in the cards soon.<\/p>\n<p>To really put things into perspective, over the last month alone, BTC has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/coin\/bitcoin-btc\">registered<\/a> gains of more than 55%, helping to take the total market capitalization of this relatively nascent space back beyond the $2 trillion threshold. These startling figures can, in large part, be attributed to increased institutional adoption that has been witnessed in relation to this industry in the recent past.\u00a0<\/p>\n<p>In this regard, some of Bitcoin\u2019s most significant institutional backers include Michael Saylor-led Microstrategy, EV manufacturer Tesla and crypto-focused investment firms Galaxy Digital Holdings and Voyager Digital. Additionally, even a number of traditional banking institutions have entered the crypto fray recently. Wells Fargo, one of the oldest banks in the United States, is the newest member of a list of growing financial institutions to offer its wealthy clients indirect exposure to Bitcoin.<\/p>\n<p>Other prominent financial institutions that also offer a range of crypto-focused financial offerings include JPMorgan, BNY Mellon, Morgan Stanley, Bank of America and Goldman Sachs, among many others.<\/p>\n<p>Lastly, according to recent filings made with the United States Securities and Exchange Commission (SEC), a growing list of wealth management companies \u2014 such as Illinois-based Clear Perspective Advisors and Ohio-situated Ancora Advisors \u2014 have been acquiring sizable sums of Grayscale&#8217;s Bitcoin Investment Trust (GBTC) shares, signaling a growing demand for the asset among institutional players.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_expect\"><\/span>What to expect?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Providing his take on when he sees Bitcoin scaling up to the $50,000 mark, Iqbal Gandham, VP of Transactions for security and infrastructure solutions provider Ledger, told Cointelegraph that when crossing significant price milestones, there is always a pause \u2014 much like the one we are witnessing now \u2014 so that the market can stabilize:<\/p>\n<blockquote><p>\u201cThe longer we hold it here the more support it will gather. As for factors that will drive this run, I really feel it&#8217;s more psychological rather than <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>-driven. People are just waiting for a trend, so any slightly positive news could cause the price to move dramatically. It&#8217;s not a matter of if anymore, just a when.\u201d<\/p><\/blockquote>\n<p>Daniele Bernardi, CEO of fintech management company Diaman Group, told Cointelegraph that his company\u2019s proprietary indicators are all extremely positive regarding BTC\u2019s near-term growth. In his personal view, however, the next wave of bullish market growth will not purely be driven by Bitcoin, but rather by alt-assets such as Ether (ETH), Cordano (ADA) and Binance Coin (BNB).\u00a0<\/p>\n<p>\u201cMy point of view is that it is actually more important to focus on altcoins for a while. We can expect a reduction of Bitcoin dominance for some months,\u201d he said.<\/p>\n<p>Lastly, according to Talal Tabbaa, chairman and co-founder of CoinMENA \u2014 an FTX-backed Middle East-based cryptocurrency exchange \u2014 even though Bitcoin could be trading at $50,000 in the coming few days, such short-term price action is quite irrelevant when looking at the grand scheme of things:<\/p>\n<blockquote><p>\u201cTechnical analysis has limitations and shouldn\u2019t be solely used for decision making. I actually think it crazy that some people think they can draw lines on a chart and predict the future. Macro events like China banning mining or the US hopefully <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roving ETFs will have much bigger impacts on Bitcoin\u2019s short term movements than any technical analysis.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_%E2%80%9Cgold_cross%E2%80%9D_spotted_suggesting_solid_near-term_price_action\"><\/span>Bitcoin \u201cgold cross\u201d spotted suggesting solid near-term price action<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite there being some uncertainty over the last few months in terms of where the crypto sector may be headed, there is enough evidence to suggest that the market may be primed for another bull run in the near term. In this regard, blockchain analytics platform Glassnode recently <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=Market%20Indicators&amp;ema=0&amp;m=indicators.HashRibbon&amp;mScl=lin&amp;resolution=1h&amp;s=1470894344&amp;u=1628574344&amp;zoom=1825\">reported<\/a> that a \u201cgolden cross\u201d formation \u2014 between the 30-day and 60-day moving averages of Bitcoin\u2019s hash ribbon \u2014 has been recently observed.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/9526e6f8-6fe2-4b7b-a7eb-37aa794be5eb.png\"><\/figure>\n<p>A golden cross is observed when the short-term average value of an asset rises above that of its average value in the long term. As can be seen from the chart above, the comparison between BTC\u2019s 30- and 60-day hash ribbons indicates that trading volumes are on the rise once again. It is also important to highlight that the same formation was spotted before Bitcoin rallied back in January 2019 and 2020, and in March 2020 and December 2020.<\/p>\n<p>Lastly, Glassnode\u2019s reported hash rate suggests that miners who may have been forced to move their operations from China \u2014 following the country\u2019s recent regulatory tightening \u2014 may have finally established their bases elsewhere. In this vein, it should be noted that just over a fortnight or so ago, five North American mining operators \u2014 including Marathon Digital, Riot Blockchain, Bitfarm, Argo Blockchain and Hut8 \u2014 reported <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.businessinsider.in\/investment\/news\/crypto-markets-are-recovering-and-mining-companies-in-north-america-are-raking-in-the-gains\/articleshow\/85237637.cms\" data-amp=\"https:\/\/www-businessinsider-in.cdn.ampproject.org\/c\/s\/www.businessinsider.in\/investment\/news\/crypto-markets-are-recovering-and-mining-companies-in-north-america-are-raking-in-the-gains\/amp_articleshow\/85237637.cms\">witnessing<\/a> a 58% increase in their operational output.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Other_factors_affecting_BTCs_price_action\"><\/span>Other factors affecting BTC\u2019s price action<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Recently, Elon Musk made a U-turn in his outlook regarding Bitcoin, after having slighted the premier crypto earlier this year regarding its adverse environmental impact, thus giving investors \u2014 who follow the Dogefather\u2019s every word \u2014 more fuel to become bullish on Bitcoin. Not only that, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> CEO Jack Dorsey and Ark Invest\u2019s Cathie Wood recently confirmed their long-term investment in the premier crypto.<\/p>\n<p>On BTC\u2019s increasing adoption, a spokesperson for cryptocurrency exchange Bitstamp told Cointelegraph that the number of active retail female investors has grown more than 24% in the last six months:<\/p>\n<blockquote><p>\u201cThe share of the trading volume generated by female investors at Bitstamp has increased by an astonishing 58% in that same time, pointing to a surge of new investors interested in cryptocurrencies.\u201d<\/p><\/blockquote>\n<p>Lastly, with a growing list of countries \u2014 most prominently El Salvador \u2014 starting to adopt varied measures to recognize and regulate the crypto market, it will be interesting to see how the coming few days play out for Bitcoin, especially with the prevailing market sentiment that seems to be overwhelmingly positive at the moment.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-s-race-to-50k-heats-up-as-solid-institutional-backing-continues\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin&#8217;s race to $50K heats up as solid institutional backing continues &#8221; The crypto market has been surging recently and there\u2019s one cryptocurrency \u2014 Bitcoin (BTC) \u2014 leading the way. After having suffered through volatility for the better part of the last 60-some days, the flagship crypto has showcased a high level of recovery,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":328136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvZDBmMWRhNTAtMDAyNy00M2U3LTg1NDUtZmVmZWM4OWViM2JhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74860,75042,117,73711],"class_list":["post-328135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrency-exchange","tag-mining","tag-business","tag-investments"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/328135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=328135"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/328135\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/328136"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=328135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=328135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=328135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}