Ken Chigbo
Independent Analyst
- Morgan Stanley note in a report that institutional interest and activity is increasing in cryptocurrency.
- Market is currently moving within consolidation mode, pending another breakout.
A latest report by U.S. investment bank, Morgan Stanley, notes that investors presence of involvement with Bitcoin and other cryptocurrencies is increasing, Whereas, the number of retail investors in the remains stagnant currently.
Within the report Morgan Stanley noted, the fact that large financial institutions are becoming more involved within the space, citing Fidelity's new crypto services division, detailing investments in Seed CX, BitGo as well as Binance, recent regulatory approvals and the fundraising round by exchange Coinbase.
In terms of the cryptocurrency market movements in general today – Thursday, much consolidation can be seen across the board. This coming after the heavy selling pressure seen on Monday, then the spike higher on Wednesday, recovering some of those losses. Price behavior noteworthy with the likes of Bitcoin, Ripple, Litecoin and Ethereum, have formed bullish pennant pattern set ups, which have the potential to see an extended breakout north.
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