Bitcoin Rallies by $3,000 over 24 Hours as More Institutional Investors Come on-Board

Service for copy trading. Our Algo automatically opens and closes trades.

The L2T Algo provides highly profitable signals with minimal risk.

24/7 cryptocurrency trading. While you sleep, we trade.

10 minute setup with substantial advantages. The manual is provided with the purchase.

79% Success rate. Our outcomes will excite you.

Up to 70 trades per month. There are more than 5 pairs available.

Monthly subscriptions begin at £58.

L2T Algo

TELEGRAM

RESULTS

Bitcoin (BTC) has continued to attract multiple investments from institutional investors over the past few months. The latest corporate investor to hop on the Bitcoin train is a Connecticut-based hedge fund that majors in volatile investments—One River Asset Management.

The Chief Executive Officer of the firm, Eric Peters, announced that the company established a separate entity to specialize in cryptocurrency investments called One River Digital Asset Management.

One River has purchased $600 million worth of Bitcoin through its recently-established cryptocurrency arm. The company made all purchases in November when BTC was still trading under $16,000.

Interestingly, the firm plans on increasing its cryptocurrency exposure by purchasing Ethereum and increasing its crypto holding to $1 billion by early 2021. Peters noted that “there is going to be a generational allocation to this asset class,” and that inflows “have only just begun.”

The firm’s Long Volatility Fund and Dynamic Convexity Fund help it execute volatility and trend-following strategies in the financial markets to earn profits in both bullish or bearish market conditions. The fund and its cryptocurrency arm have grown by 40% this year alone.

The CEO noted that the pandemic-induced economic crisis, including negative interest rates, fiscal expenditures by governments, and debt monetization by central banks, were the primary reasons for the heightened volatility seen in the markets.

Key BTC Levels to Watch — December 17

Bitcoin’s parabolic bull run today has left traders surprised after rallying by more than $3,000 over the past 24 hours, recording a new all-time high at $23,781. That said, after such a rally, we should expect to see a healthy correction (or consolidation at least) in the coming hours and days. Our hourly MACD has begun to show signs of this impending decline.

That said, further rallies without correction from this point could put some strain on Bitcoin and precipitate a heftier decline.

Meanwhile, our key resistance levels are at $23,781, $24,000, and $24,500. While our key support levels are at $22,420, $21,750, and $21,000.

Total market capital: $644 billion

Bitcoin market capital: $422 billion

Bitcoin dominance: 65.5%

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.