The incident on Wednesday has shown a huge drop in crypto especially that faced by Bitcoin. The price of Bitcoin has fallen by more than 50% from the highest level ever tasted before.
Many of the crypto investors suffered losses that eventually led to a ‘panic sell’. Since last week, the crypto market was shocked by a series of reports threatening the crypto market.
Ranging from Elon Musk, the issue of the ban on crypto by China, environmental issues to the manipulation of the 'whale/shark' group. The huge fall has left a deep impression on investors and raised many question marks. Will we be able to enjoy the price increase like in previous months? Has the bull cycle ended? Is today’s increase only temporary?
Although many reports cause concern, but in between are some recent reports that can bring relief and nurture hope again.
Today, multinational finance company, Well Fargo reported that they are working to offer crypto products to institutional customers. They argue that bitcoin is a good investment alternative.
Their executives noted that the managed division is currently evaluating and implementing actively managed crypto strategies to its platform for institutional investors. They also argue that crypto has evolved and matured into an investable asset.
They also argue that many of their clients comprising financial and banking institutions are taking an interest in Bitcoin in particular. Not only that, JPMorgan Chase & Co and Goldman Sachs also announced similar moves earlier.
At the same time MicroStrategy, and several leading companies announced that they were increasing their holdings of Bitcoin in the fall.
On the other hand, making the market more vibrant is the ‘U-turn’ move from India. India recently reported that they are reconsidering its stance on crypto with the formation of a new regulatory panel.
The move comes amid increased support to overturn a recommendation made by a committee led by former finance secretary Subhash Garg in 2019 for a comprehensive ban on crypto assets that they previously reasoned it was outdated.
The Cryptocurrency Bill 2021 was initially scheduled to be debated in parliament in March but until now it has been postponed to an unannounced date.
There has been huge momentum in crypto exchanges and continued demand in India in the last few months despite concerns over regulation. With this report, it is a big first step and the crypto market will see huge demand from India.
Finally, it has been circulating on the website that there has been an influx of billions of dollars to increase holdings of BTC and ETH in particular. Where is the direction and what attitude should be taken, it is still open space for differences of views and speculation.
