Bitcoin
Institutional investment presumption to send ETH, XRP, and Bitcoin high
These days it points out that institutional investors slowly are gaining interest in the cryptocurrency domain. Practically, a real-world working model will attract institutional investors automatically from all over the globe. They will look for an opportunity to invest in the cryptocurrency industry if not necessarily in coins such as Bitcoin, Ripple’s XRP or Ethereum, and it seems like that moment is already at hand.
State of the Market
The past 24 hours have been stable for the crypto market as the entire market has seen steadiness in their trade. For that reason, the general market value has been lifted to $210.6 billion.
The state of the market has seen the price of Bitcoin go up by 0.7% to the $6,537 lifting its market cap to $113.2 billion. Bitcoin cash has stayed stable too at $466 representing a slight drop of 0.56% and the market cap being $7.7 billion.
Also, Ethereum price dropped 0.59% to $205.87 giving it a market cap of $21.1 billion, and as for Ripple (XRP), a similar trend was experienced whereby it dropped by 0.15% to stand just above 46 U.S cents making its market cap to stand at $18.5 billion.
The stability in the cryptocurrencies is a positive gain as that increases hopes and chances for the institutional investments.
Genesis Global Trading says it has loaned digital assets valued at more than half a billion dollars to institutional borrowers https://t.co/HPEVM7nSKe pic.twitter.com/mBZjnpvn08
— Bloomberg Crypto (@crypto) October 18, 2018
But what is the reason behind the cryptocurrency markets current stability?
Coincidences do occur, but we can’t say it is a coincidence that Bitcoin, as well as the other coins, saw a strong start this week after the leading financial services corporation Fidelity Investment announced Fidelity Digital Asset Services LLC.
The business is meant to handle cryptocurrency custody as well as trade execution for the institutional investors. Handling of cryptocurrency custody is apparently what institutional investors would want to hear as their big concern is wallet hacking. Therefore, it is undoubtedly a major positive stride that the investors will take.
The rise in some cryptos and stability in most have to be related, therefore, to this announcement as Fidelity’s custody service will provide safety to the cryptocurrency enthusiasts who have been waiting on the corner this far.
According to CNBC, the said service includes vaulted cold storage that will involve taking cryptocurrency offline and multilevel physical as well as cyber controls and other security protocols.
So many bullish news. pic.twitter.com/A0lwtSmAyW
— Jonathan Habicht ???? (@HabichtJonathan) October 18, 2018
In the end, price manipulations can still be a concern for many prospective institutional crypto investors, and if not tackled the hopes of institutional investments pouring in may not remain for long, and the market could soon give the gains back to its US$200 billion level support again. But for now, everything looks positive for the cryptocurrencies like Ethereum, Ripple (XRP), and of course Bitcoin steadily raising their hopes for institutional investments.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Cleverpix/PixaBay
As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.
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What is blockchain technology?
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Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
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