(BTC) Bitcoin News TodayNews

Institutional Investors Show Little Concern Over Bitcoin’s Decline

Bitcoin came into 2021 with a bang as the leading digital asset brought a sustained bullish momentum to top well over $41,000. Despite Bitcoin making records and breaking and setting new all-time high records, the digital asset has finally started to under a bearish momentum.

During the price surge, which saw Bitcoin break its all-time high record set in 2017, institutional investors were seen as the asset’s pushers. To show how important the institutional investors’ effect is on the Bitcoin market, the digital asset started a bullish run in October after news of different institutional outfits purchasing Bitcoin in mass.

Most analyst already predicted a bearish run

With many analysts and experts noting that the major on-chain metric of Bitcoin pointed to a bearish run in the coming days, the digital asset witnessed a drop as predicted. The CIO of Guggenheim Investments, Scott Minerd, also said last week that the rise of Bitcoin presently looks shabby and unsustainable. Hence the digital asset will fall. Taking important details off Messari, Bitcoin witnessed a drop from its previous highs of above $41,000 to trade around $33,000 presently.

📰  SEC Denies BOX's Request Regarding Its Blockchain-based Reporting

Joining Minerd in his doomsday prediction on the digital asset’s price, Various big-time players in the crypto market, including Anthony Scarramucci. Notably, Scaramucci was one of the key figures that aided Skybridge as they triggered a huge buy of Bitcoin for their investors.

In his statement, Scaramucci noted that he had already seen that Bitcoin was going to undergo a dip in price in the next few days, and he was well in support of the digital asset making the dip. While most people are already in panic mode over the decline in the price of the digital asset, others believe that Bitcoin is undergoing a much-needed price correction.

Institutional investors see the crash as a minor setback

While other enthusiasts and big-time investors were already anticipating the crash, the same was not the case for the founder of Castle Island Ventures, Nic Carter, as he has openly shown his unhappiness regarding the cash he has lost and the bearish momentum surrounding the digital asset. He noted on Twitter that even though he is not happy with the bearish run, he still has an indifferent feeling towards the present price of Bitcoin.

📰  Japan-based Gaming Giant Nexon May Acquire Bithumb for $460 Million

He said that he might begin to feel something if Bitcoin finally reached the predicted figure of $100,000 compared to the $40,000 that it is trading at presently. He also mentioned that the last Black Thursday event, which occurred in March where Bitcoin saw a decline to trade at around $3,000 from $7,000 already taught him to expect the unexpected when it comes to the digital asset market.

Following Nic Carter’s words, the CIO of assets company Arcane, Eric Wall, also said that he is not touched one bit about what is happening in the Bitcoin market. It is just a temporary setback that will lead to a huge reward as the days progress.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close