Bitcoin is currently trading above $8,000. Considering the last few months, this is good news. After six months of being bearish, Bitcoin has been able to recover in recent days. In June, Bitcoin was only trading below $6,000. In fact, it was only trading at $5,785. According to Matthew Newton who works as an analyst at eToro, “If bitcoin can close above $8,000 today, we could assume that we may have a good run toward $10,000”.
There is a similar opinion that is coming from Joseph Young who is an analyst and investor. He tweeted that “Bitcoin back to $8,100 and crypto market to $300 billion are all great, but I’m interested in the volume”.
So what is exactly in store for Bitcoin? Joseph Young said that “Bitcoin’s volume was $3 billion last week. As of July 24, it is $6.8 billion. Total cryptocurrency market volume is nearly $20 billion. Positive stuff”. When it comes to market capitalization, the crypto market has been able to surpass $300 billion mark for the very first time since mid-June.
And since everything looks bullish, there are those that already have their prediction regarding the crypto market and Bitcoin. If you will ask Mike Novogratz who is the founder of Galaxy Digital, he thinks that this year, the entire crypto market will have a market capitalization of $800 billion.
In one interview, he said that “I think we’ve pretty much bottomed. I’m not positive we’ve bottomed but it feels like we have”. He also added that “But I do think that we are building a nice bottom from the next move up”.
Ed Cooper who is the head of Mobile at Revolut thinks that the institutional investors are the one responsible for the upward trend in crypto price. He mentioned that “Outside of the day to day fluctuations in crypto prices, we are seeing an ever increasing interest in cryptocurrencies from institutional investors, governments, and mainstream stock exchanges”.
He pointed out that “For example the parent company of the NYSE is reported to be working on a Bitcoin exchange, as is Borse Stuttgart, Germany’s second largest stock exchange”. He also pointed out the amount of capital that goes into Bitcoin-related companies in recent years. Cooper mentioned that “this is part of a virtuous cycle which is attracting more and more technical talent into the space, and so the technological advances are happening at an increasing rate”.
Regulatory Changes
Regulatory clarity is part of the reason why there is the interest of institutional investors. Gone are the days when the crypto market was the Wild West in terms of regulations. Now, you have countries that are taking the initiative in order to prevent money laundering and other illegal activities but at the same time foster crypto-related businesses.
The US SEC has considered both Bitcoin and Ethereum not as securities. Also, you have the likes of G20 that are looking to come up with standardized rules on anti-money laundering for the industry. And considering these developments, we can expect bright things ahead for the industry.
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