After moving north at . level 55 A thousand dollars on Wednesday became a currency Bitcoin (BTC) Get investors excited again.
And this time, financial institutions seem to be showing more interest in the most popular cryptocurrencies, even as stock prices and other risky assets are affected.
For the first seven days of October, Bitcoin In the event of an increase, it increased its price by more than 30%.
At the same time, the US stock market index remained S&P 500 Fairly flat since last week, having been trading down all month of September, losing 4.8% throughout the month.
The diverging prices have led to a renewed discussion about the relationship between the currency Bitcoin And the stock market, where some observers and market participants have now suggested that the surrounding narrative in bitcoin It could change to focus back on its gold-like value properties.
Among them was the CEO of the company MicroStrategy and bull Bitcoin the famous Michael Saylor, who said:
“The coin Bitcoin It is decoupled from other cryptocurrencies due to regulatory expectations, making it the obvious choice for institutional investors looking for digital ownership as a store of value.”
A similar narrative was also highlighted by today's Bloomberg report, which said:
“The separation of stocks and Bitcoin It could revive one of the long-standing promises of cryptocurrency […] Which can act as a hedge to protect investment portfolios when shares are sold at certain times. or disturbance.
Moreover, the same report also referred to a note from Wednesday by the strategist Nikolaos Banegirzoglu and others in a bank Wall Street investment JP Morgan Which said that institutional investors may return to Bitcoin, with some betting that it is a better inflation hedge than gold.
The bullish tone came from my strategist JPMorgan On the same day you confirmed Dawn Fitzpatrick CEO of Soros Fund Management The billionaire investor's family office George Soros, that the company owns "some coins".
Chicago Stock Exchange and Bitcoin Trading
Meanwhile, data from the Chicago Mercantile Exchange (CME), which is a US-based exchange where currency contracts are traded Bitcoin And Ethereum Regulated futures, again that futures contracts are traded at a premium to spot prices.
Given that the Chicago Mercantile Exchange is the preferred place for financial institutions to speculate on the price of Bitcoin However, the premium indicates a high institutional demand for exposure to the first cryptocurrency.
While futures contracts are traded on the Chicago Mercantile Exchange at a premium, shares of an investment product are traded Bitcoin Another regulator, Gray Scale Bitcoin Trust Grayscale Bitcoin Trust (GBTC) at less than its fair value.
He said Eric Balchonas chief exchange traded fund analyst ETF) in Bloomberg:
“The shares are trading at a discount 16% To determine the price of a currency Bitcoin Now, it “might get worse,” suggesting that contracts could be approved Bitcoin futures ETF Subsidized in the US would be bad for GBTC“.
Meanwhile, wrote Dan Morhid CEO, Crypto Investment Company Panther Capital, in a letter to investors yesterday, to readers by saying Wall Street the old:
"Buy the rumour, sell the truth."
books Morehead:
"Definitely work in our space."
Before we proceed with the explanation:
“All year long 2017Markets were rising with the slogan “When the Chicago Mercantile Exchange lists contracts Bitcoin Futures, we're going to the moon!!!
Then the markets rose by 2،440% Even the futures contracts were listed on the same day.”
He said:
"That was the top." “One of those bear markets -83% It started that day.”
He claimed that the cycle had been repeated recently, as "the whole industry was dazzled" on the . List Coinbase direct. rose market Bitcoin in the rate of 822% On the day of listing, the peak BTC 64،863 USD that day, then a bear market started 53%, wrote Morehead.
“Will someone remember the day before the launch Bitcoin ETF officially? “I might want to get some chips off the table,” the CEO concluded.
per hour 09:42 UTC, the coin soared Bitcoin in the rate of 7.4% through the 24 last hour, and it was traded at 54219 USD, after rebounding from its highest level at 55750 dollars on Wednesday.
Meanwhile, has been traded Ethereum when 3562 USD, an increase of 5.7% about the same time period.
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