A recent report from Bloomberg shows that Morgan Stanley could be the next major institutional investor to hop on the Bitcoin (BTC) train. According to the report, a unit of Morgan Stanley Investment Management, Counterpoint Global, is considering BTC as a suitable investment option for its current investors.
The report also indicated that going through with this would require approval by regulators and the host company itself. However, this review could also result in Morgan Stanley deciding to avoid investing in cryptocurrency. That said, there’s yet to be additional information on the matter at the moment.
Nonetheless, Morgan Stanley currently holds an investment position in MicroStrategy, which means that it still has exposure to Bitcoin.
As reported previously, Tesla is the latest major institutional investor to announce a Bitcoin acquisition. The company bought $1.5 billion worth of BTC in January and will now accept Bitcoin for its products and services.
Institutional interest in cryptocurrency continues to flourish in 2021. The Chief Executive Officer of Grayscale, Michael Sonnenshein, asserted that “it’s no longer a question of why but why not” for institutional investors on Bitcoin’s merits.
Key BTC Levels to Watch — February 14
Bitcoin has recorded another all-time high over the past few hours at $49,700, just a few dollars to the highly-coveted $50k mark. That said, we expect the cryptocurrency to fulfill that round figure in the coming hours. However, we could see a sharp correction to the $47,500 area or a modest consolidation below the $50k mark before a bullish continuation higher is seen.
Meanwhile, our key resistance levels are at $49,700, $50,000, and $50,500. While our key support levels are at $48,388, $47,500 and $47,000.
Total Market Capitalization: $1.52 trillion
Bitcoin Market Capitalization: $908 billion
Bitcoin Dominance: 59.7%
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