Category: BTC/USD

Grayscale recorded its best year in 2020 yet with massive allocations, mostly from institutional investors, despite the dramatic events that plagued that year.

The cryptocurrency investment fund posted record-breaking numbers in the first three quarters of 2020 and profoundly better reports in Q4. The firm reported that the total investments in the last three months of the year amounted to $3.3 billion, while the total investment for the year came in at $5.7 billion. What this means is that 60% of the firm’s total investment came in Q4 alone.

Meanwhile, the firm noted that it had raised a total investment inflow of $1.2 billion since its inception from 2013 to 2019. This means that the investment inflows of 2020 were almost five times the inflow in the past six months combined.

Also, the cryptocurrency-based investment company highlighted the increasing influx of institutions, as about 93% of all investment inflows in Q4 2020 came from that group of investors. The firm added that “meaningful uptick alongside a number of public announcements from notable investors and asset managers.”

Grayscale noted that 45% of its total investments came from the United States, while the remaining 55% came from offshore investors.

As would be expected, Grayscale Bitcoin Trust attracted most of the investment from last year. In Q4 alone, GBTC garnered about $2.8 billion in investment inflows, a jaw-dropping 85% share of all investments.

Key BTC Levels to Watch — January 17

Bitcoin appears to be taking its time over the weekend as the benchmark cryptocurrency was range-bound through the weekend. At press time, BTC is on the verge of breaking the 50 SMA at $36,215, as bulls aim to defeat the $37,827 resistance. That said, only a sustained break above the crucial $39,800 resistance will reinstate the original bull trend.

On the flip side, a fall from this level should be swiftly repelled by the $34k support.

Meanwhile, our key resistance levels are at $36,500, $37,827, and $38,500. While our key support levels are at $34,474, $34,000 and $33,000.

Total Market Capitalization: $1.03 trillion

Bitcoin Market Capitalization: $680 billion

Bitcoin Dominance: 66%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Despite the recent bullish recovery from the Thanksgiving “massacre” by Bitcoin (BTC), analysts from JPMorgan Chase & Co expect a steep decline for the cryptocurrency soon.

The strategist highlighted some factors that could play crucial roles soon for the benchmark cryptocurrency.

A recent JPM analysis, led by Nikolaos Panigirtzoglou, noted that the Thanksgiving crash has cleared the “previous froth in momentum traders’ positioning.” However, the analysis purports that Bitcoin could still see fresh declines.

Apart from the momentum traders factor, the strategists went ahead to broach several other reasons influencing price dynamics. One of such factors is the rumor circulating in the industry about some unfavorable regulations proposed by the Trump administration.

Another crucial factor highlighted by JPM analysts is the significant role Grayscale and its Grayscale Bitcoin Trust could have on the market. The crypto fund management firm is regarded as the most reliable firm for institutional investors looking for a foray into Bitcoin and other digital assets.

This reliability in the crypto firm has been demonstrated through 2020 as Grayscale reported record-breaking numbers, quarter after quarter. The firm’s assets under management have peaked at over $10 billion in just 12 months, with Grayscale Bitcoin Trust having the most substantial share.

That said, the analysts have asserted that if the GBTC becomes unattractive to investors, it could have a devastating impact on Bitcoin, which is believed to have become a favorite among institutional investors.

Key BTC Levels to Watch — November 30

Bitcoin recorded a massive boom past its previous YTD high over the past few hours, indicating that the cryptocurrency has regained its bullish momentum. That said, we should expect the benchmark cryptocurrency to top its $20k all-time high anytime soon.

Meanwhile, our key resistance levels are at $19,500, $19,880, and $20,000. While our key support levels are at $18,800, $18,400, and $18,000.

Total market capital: $571 billion

Bitcoin market capital: $357 billion

Bitcoin dominance: 62.5%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

It appears that volatility has seeped back into the cryptocurrency market. In today’s session, Bitcoin (BTC) has gained and lost about $600 within just a few hours apart. This spike occurred on the back of the recent announcement by Pfizer, one of the largest drugmakers in the world, that they have successfully gotten a 90% prevention efficiency rate in their vaccine candidate.

The past few weeks have been a very interesting one for the benchmark cryptocurrency as it managed to touch $16,000 briefly for the first time in several years.

It seemed like today’s was going to help the cryptocurrency break above the level and record a new YTD high. However, this rally was cut short by the new vaccine development.

Pfizer announced in the early hours of Monday that 90% of its COVID-19 test subjects, were protected from the virus 28 days after exposure to it.

The Chairman of the company, Dr. Albert Bourla, expressed his joy over the positive development saying that “it was a great day for science and humanity.” He added that with today’s development, Pfizer has gotten closer to providing the much-needed relief to help eradicate the prevailing global health crisis.

The news significantly boosted the global market risk tone, as major indexes across the globe saw massive spikes on the break of the news.

Meanwhile, Bitcoin has maintained its market dominance over the past 24 hours, indicating that altcoins have failed to make any significant strides upwards.

Key BTC Levels to Watch in the Near-Term — November 9

The recent dip sent BTC down to the $14,800 area, where it was strongly rescued by some dip-buying. At press time, the cryptocurrency is struggling to get back above $15,205 resistance as bullish strength fades. Failure to securely break above this level could cause Bitcoin to drop to the $14,500 mark where our ascending trendline currently resides.

Total market capital: $438 billion

Bitcoin market capital: $282 billion

Bitcoin dominance: 64%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.