- Bitcoin (BTC) has regained footing, rising above $70,000 after a 10% surge in the past 7 days.
- Goldman Sachs analysts have made a bold prediction that the banking giant’s hedge fund clients are gearing up to flood into the crypto market.
The cryptocurrency market has recorded an incredible uptick in the last three months that culminated in Bitcoin (BTC) setting a new all-time high of nearly $75,000. However, this was preceded by a drop that saw the world’s largest cryptocurrency asset breach the $70,000 support at the start of the month.
At the time of writing, Bitcoin has climbed back above $70,300 after a 9% surge in the last 7 days. This sets up the asset for a historically bullish April.
The recent price resurgence is owed to rising institutional interest, which is not only attracted to the asset due to the rising prices that typically trigger FOMO but also to the launch of ETFs, which have ensured easy access to the digital asset.
According to some data, institutional investors have poured around $86 billion into Bitcoin. This has not only fueled the short-term bull trend but also points to a long-term bullish trend with institutional investors holding a reputation of little to no volatility. This is contrary to retail investors, who are easily prone to FOMO and panic selling.
⚡️ More than $86B in institutional funding has entered #Bitcoin in the last 6 months! 😲
And you still doubting $BTC? pic.twitter.com/1j8G1xwwnv
— Crypto Rand (@crypto_rand) March 30, 2024
Goldman Sachs Group says pension funds may shed an estimated $32 billion in stocks by the quarter’s end to rebalance their holdings. Analysts anticipate strong interest in Bitcoin ETFs due to their recent January listing, which hasn’t given funds enough time to acquire them. This could lead to a significant inflow of investment next week.
Additionally, as CNF reported, Bitcoin advocate Willy Woo has suggested that a chunk of the $9.5 trillion in assets under management by BlackRock will find its way into Bitcoin and other cryptos. Furthermore, the upcoming halving is historically considered one of the most bullish events that easily leads to an all-time high.
Bitcoin Leads Entire Crypto Market
While much interest is in Bitcoin, experts foresee investment flowing into other cryptocurrencies. However, the anticipated catalyst, ETF launches, has been missing. The filed Ethereum ETFs are still under U.S. SEC consideration, with ETF experts divided on the likelihood of approval or denial of the filings. One key development that could hinder approval is the recent revelation that the SEC could be investigating the Ethereum Foundation and considering classifying ETH as a security.
The BlackRock CEO has recently expressed confidence in the feasibility of an Ethereum ETF, even if Ether is designated as a security. Larry Fink revealed that despite regulatory uncertainties and the SEC’s cautious stance, market optimism for Ethereum ETFs remains high.
At the time of writing, ETH is trading for $3,600 after a 7% surge in the last 7 days. The largest altcoin continues to show tremendous stability despite recent developments. This is encouraging for investors who anticipate a rally to the all-time high of $4,800 in the ongoing bull market.
XRP is also preparing for a rally with the community speculating that a settlement with the SEC is imminent. If so, this could catapult XRP to a record rally.
Breaking news: Speculation within the #XRP community suggests a potential settlement between Ripple and the SEC may occur today. pic.twitter.com/Sfmy7B4Ec0
— Brett Hill (@Brett_Crypto_X) March 31, 2024
Recommended for you:
Credit: Source link
