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Market data is provided by the HitBTC exchange.
Intercontinental Exchange Inc (ICE) has been loading up on digital assets for its cryptocurrency platform Bakkt, according to its chief executive officer Jeffrey Sprecher. This has helped ICE buy assets at a discount, which would not have happened if the markets were in a bull phase. Sprecher expects Bakkt to start operations later in 2019.
Attention has been shifting to institutional investors since the bear phase started. Stronger hands with deeper pockets are needed to provide stability in crypto markets. In a survey of 411 United States institutional investors, Fidelity Investments found that 47% of the participants believe that digital assets have a place in their investment portfolios.
The major attraction is the low correlation with other asset classes. Converesly, unclear regulation, lack of fundamentals, volatility, etc, were some of the hurdles in investing in digital assets.
Along with institutional involvement, mass adoption of cryptocurrencies is another important activity that can boost prices. In this regard, the markets are watching the development of Facebook’s rumored “FB Coin.” Sources have said the Wall Street Journal that Facebook is looking to raise $1 billion in investments for its cryptocurrency stablecoin. With Facebook’s mass reach, it can bring cryptocurrencies to the mainstream at a faster pace.
The recent recovery in Bitcoin has gathered pace and has pushed its market capitalization above $100 billion. Altcoins have also benefited from the bullish sentiment. After the rally, is it a good time to buy or to book profits? Let’s find out.
Bitcoin (BTC) has surged towards its overhead resistance of $5,900. We like the pickup in momentum. This…