Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Abhickm on December 20, 2019, 07:13:01 AM
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The market dump on Wednesday that saw billions of dollars wiped off the crypto market came with one important revelation. While most investors were crying about their lost investment, some took their time and noticed the silver lining on the dark cloud. As Bitcoin plunged to bottom at around $6,400, some crypto watchers noticed that Bakkt trading volume of Bitcoin futures surged. In fact, it reached an all-time high $43 million. This is a clear indication that institutional investors are interested in Bitcoin when it's cheap.
It might also explain Thursday morning's bounce. On the early hours of Thursday, Bitcoin bounced back up rallying by 10%. This has seen the asset climb back above $7,000 and set a resistance just above $7,300. Altcoins have also enjoyed the gains as most rallied by around 5% to 10% on Thursday.
As we reported, Bakkt launched a few months ago. The event was highly anticipated and tipped to be a massive catalyst for a market surge. As we further reported, the launch was more of a speculative reason than a mathematical one. It would depend on how much interest institutions had with Bitcoin. True enough, it flopped and did not see the market rally. In the weeks that followed, trading volume was low and indicated that institutional investors were not interested in Bitcoin.
Institutional Investors Want Bitcoin, Bakkt Data Proves
Now there is actual proof that these investors are interested in Bitcoin. Only thing is, they want to buy the dips and not the highs. The latest dip that saw Bitcoin reach mid $6K offered a great buying opportunity and the smart money has taken advantage. The latest data now proves two things;
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I think that bitcoin is actually needed by both institutional investors, Traders, holders and every enthusiasts and lovers of digital currency. In the near future, we will see the high rate of cryptp demand even Bitcoin, and most other good projects out there in the crypto market.