Cryptocurrency Interest from Institutional Investors Booming in Grayscale’s Q3 Report

Grayscale Investments is the world’s largest digital currency asset manager. Its aim is to give investors the tools to make informed decisions in a new and interesting asset class.

On Oct 15, Grayscale released its digital asset investment report that covered the third quarter of 2019.

An analysis of Grayscale’s Q3 report shows a growing interest in cryptocurrencies from institutional investors, especially Ethereum (ETH) and Ethereum Classic (ETC).

The report also includes an analysis of the market movement for Bitcoin, showing strong support from the current price level all the way down until $6,900. However, if the price breaks below $6,900 it is very likely that we could see a rapid drop towards $5,400.

Cryptocurrency trader Josh Rager published a video in which he discusses the recent Bitcoin price movement combined with the facts from the 2019 Q3 Grayscale Investment report.

Bitcoin a Ticking Time Bomb

The price of BTC rallying to the $8,600 resistance level seems to only have been a relief in response to the prior dip from $10,000. Also, the daily price has not closed above the resistance. Therefore, we consider both of these as bearish signals.

Looking at the volume profile, we can see strong support at the current price level until $7,600.

Beyond that, there is very low support until $5,400. A breakdown below $7,600 could initiate a rapid decrease towards $5,400.

Finally, the $7000-$7200 price area is right at the 0.618 fib level, so it is bound to get action by trading bots and algorithms.

Grayscale Report Honorable Mentions

The main takeaway from this report is that institutional investments have been steadily increasing, especially in Bitcoin and Ethereum.

Grayscale raised…

Source Link