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The market data is provided by the HitBTC[1] exchange.
The current bear market[2] in cryptocurrencies will turn out to be a boon in the long-term. The rally[3] in 2017 had become frothy and attracted mostly retail traders who dreamt of becoming rich overnight. This was not good for the longevity of the virtual currencies.
The institutional investors[4] don’t enter in a ‘bubble-like’ environment. Now, with most of the froth removed, we get rumors of some big names showing interest in investing in the digital currencies.
A name that stands out is that of the legendary investor George Soros. Bloomberg’s sources confirmed that Adam Fisher, the person in charge of global macroeconomic investing at Soros Fund[5] Management, has received the green signal to proceed with cryptocurrency investing.
Another very prominent investor to enter[6] into the crypto world is the Rockefeller family, through their official venture capital arm Venrock.
These are not all, as there are a few other macro managers[7] who are showing interest in digital currencies.
If the institutional money starts pouring in, it will put a floor beneath most of the larger cryptocurrencies. Let’s see if we can find any signs of a bottom in them.
BTC/USD
Bitcoin[8] remains stuck in a downtrend. It is currently sliding towards the support of $6,757.26, after failing to break out of the resistance line of the descending channel. If the bears break below the support, a fall to $6075.04
