Cryptocurrency Market Update: Bitcoin's chances of hitting $10,000 slimming , Ethereum and Ripple ranging
|- Bitcoin faces stiff resistance at $9,900 and $10,000; casting doubt in the hope for recovery this week.
- Fidelity Investments survey finds that interest in digital assets among institutional investors is growing.
For over five days now, Bitcoin has struggled to sustain gains towards $10,000. The push for recovery comes after BTC/USD plunged to $9,300 from highs above $10,400. Short term support formed at $9,600 is key to ongoing stability. However, attempts to clear the hurdle at $9,900 have failed twice this week. If Bitcoin price continues to trade under $10,000 a while longer, sellers are likely to gain confidence, eventually pulling Bitcoin back to $9,000 or even the support at $8,400.
Ethereum’s chances of hitting $250 again are getting slimmer and slimmer. The retreat from the intraday high at $244.88 found support at $242.34 (intraday low). Ether is trading at $242.64 at the time of writing. If another rejection is encountered at $245, there is a possibility where buyers will not hold above $240. In this case, investors should start accounting for $235 and $230 respectively.
The fourth-largest cryptocurrency Ripple, on the other hand, has been quite calm in the last few days. Bulls are holding strongly at $0.20 while upside movement is limited at $0.2050 and $0.21 in the near term. In the short term, consolidation above $0.20 is bound to continue but XRP is not out of danger as potential losses to $0.19 still linger.
A third of big institutions invest in Bitcoin – Fidelity
According to Fidelity Investments, large volume investors, commonly referred to as institutional investors are gradually shifting their attention to Bitcoin (BTC). The crypto investment firm says that approximately a third of large institutional investors currently own Bitcoin.
A survey conducted in the US and Europe involving 774 respondents, 36% of them said that they own either cryptoassets or derivatives. Particularly in the US, 27% of institutions confirmed that they own digital assets. The figure is up 5% from the previous 22% just a year ago. Europe has the highest percentage with 45% of the institutions owning cryptoassets. According to Tom Jessop, president of Fidelity Digital Assets:
These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investable asset class.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.