Bitcoin is back above $9,300 again after the price pumped from just over $9,000 at the start of today to its current level of around $9,325 at the time of writing. Interestingly, despite today’s price surge, interest in the number one crypto asset by market capitalisation appears to be down on popular search engine Google.
This could be evidence that it is not retail investors driving the current price action. One JP Morgan analyst believes that recent gains have indeed been down to institutions buying up Bitcoin.
Evidence Growing that Institutions are Hungry for Bitcoin
Bitcoin has been having a stellar 2019 so far. The leading crypto asset has surged around 150 percent year to day to reach a price of more than $9,300. There has been no shortage of good news to persuade investors to take positions in Bitcoin recently either.
Numerous products have already, or are soon-to-be-launched, that are tailored to a wealthier class of investor, news that Microsoft will be building a digital identity platform using the Bitcoin blockchain, and the hope that Facebook’s stablecoin project will make it easier than every before for new money to enter the space are all likely catalysts that go some way to explaining the recent increase in price.
Despite Bitcoin prices growing enough in recent months for many analysts to declare a new bull market to be in session, interest in the search term “Bitcoin” on the world’s most popular search engine Google has actually dropped. Twitter [email protected] speculated earlier than this could be an indication that the money entering the market of late is from institutions, rather than retail investors.
Pretty impressive that $BTC has grown from in the past month while Google searches for bitcoin have gone DOWN
This is not retail money moving the price 🚀🚀🚀 pic.twitter.com/2ifvivqSk5
— CryptoBull (@BullOfCrypto) June 17, 2019
Although lacking concrete evidence to support it, the theory seems to check out. If a new wave of retail…