Bitcoin (BTC) +5.04% price topped $55,000 yesterday reaching thereby its highest level in five months. It still however remains more than $10k away from its highest level of $64,000 reached in April 2021.
According to CEO of trading platform Webull Financial, Anthony Denier, the recent price movements are a result of positive developments that have taken place recently to solidify the cryptocurrency industry in general.
As a first example, he cited banks that are getting more and more interested in jumping onto the cryptocurrency bandwagon amid rising demand from investors’ side. Among the banks interested in offering crypto financial services is Bank of America that started his research work on digital assets and U.S. Bancorp that has launched a safekeeping cryptocurrency custody service for institutional investment managers.
In Denier’s opinion recent comments made by Gary Gensler, the Chairman of U.S. Securities and Exchange Commission, that the SEC has no plans to ban cryptocurrencies, have significantly contributed to the current situation of the cryptocurrency market.
Investor sentiment is not unsignificant here: “After several pieces of bad news in the last few weeks the momentum changed in the recent days and it seems that the general outlook and macro-economic situation moved to the very bullish side of things,” commented Marc Bernegger, a board member of Crypto Finance Group.
He also added that some of the market participants are even expecting a new all-time high.
Interesting seems to be the comment made by founder of BitBoy Crypto Ben Armstrong, who commented the very recent developments and what impact they can have on investors’ behaviour: "In the face of the Evergrande debacle, Facebook going dark and talk of a trillion-dollar coin...why would you put your money in traditional finance?”.
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*Stock percentage taken on 07/10/2021 at 11:45
*Bovaird, Charles (6. Oktober 2021). Forbes: What Caused Bitcoin Prices To Reach Their Highest Since May? Last viewed on 07.10.2021 on https://www.forbes.com/sites/cbovaird/2021/10/06/what-caused-bitcoin-prices-to-reach-their-highest-since-may/
