Bitcoin prices are slowly losing ground, but institutional investors are steadfastly covering up. With a minus of one percent in the last 24 hours (on July 16), the Bitcoin price is threatening to slide below the $ 9,000 mark. In a weekly comparison from last week, the leading crypto currency is down 3.3 percent and is currently trading at $ 9,119.
Lager price falls could follow
If the largest cryptocurrency continues to fall in the direction of the critical brand, larger price falls could follow. If the bitcoin price can’t hold the $ 9,000 support, it runs the risk of falling right down to $ 7,000, at least according to some crypto traders’ analysis. A course jump to the north is just as good. Whether the bears or bulls have the upper hand in the tug of war ultimately decides on the next phase. Despite or precisely because of the low volatility of the asset, however, institutional investors cannot be prevented from entering the crypto market. On the contrary: Interest in digital gold remains undiminished. A look at the current quarterly report by Grayscale Investments reveals that the asset manager was able to double the volume of crypto hedge funds in Q2 2020 compared to the first quarter. Accordingly, Q2 spending was $ 905.8 million. Thus, Grayscale has invested over $ 1.4 billion in crypto investment products in 2020 alone in 2020 alone.