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TA: Ethereum Outperforms Bitcoin, Why ETH Could Rally To New ATH

Ethereum started a fresh increase above $4,175 against the US Dollar. ETH could gain pace if there is a clear break above $4,300 in the near term.

  • Ethereum was able to climb above the $4,175 and $4,200 resistance levels.
  • The price is now trading above $4,200 and the 100 hourly simple moving average.
  • There is a major rising channel forming with support near $4,175 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend its increase if it clears the $4,300 and $4,320 resistance levels.

Ethereum Price Could Rise Further

Ethereum started a fresh increase after it settled above the $4,050 level. ETH was able to clear the $4,750 resistance zone and the 100 hourly simple moving average.

Ether price even traded above the $4,250 resistance zone. A high was formed near $4,313 and the price is now consolidating gains. It traded below the $4,300 level. An immediate support is near the $4,260 level. The stated level is near the 23.6% Fib retracement level of the upward wave from the $4,091 swing low to $4,313 high.

There is also a major rising channel forming with support near $4,175 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $4,300 level.

Source: ETHUSD on TradingView.com

The next major resistance is near the $4,320 level, above which the price might start a fresh rally. In the stated case, the price might rise towards the $4,400 level. Any more gains could lead the price towards the $4,550 level.

Dips Supported in ETH?

If ethereum fails to continue higher above the $4,300 and $4,320 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,260 level.

The first major support is near the $4,200 level. It is close to the 50% Fib retracement level of the upward wave from the $4,091 swing low to $4,313 high. The main support is near $4,175 and the channel trend line. Any more downsides could lead the price towards the $4,050 support. The next major support for the bulls is near the $4,000 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 50 level.

Major Support Level – $4,175

Major Resistance Level – $4,320

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Why Bitcoin Could Correct Lower Below $60K In Near-Term

Bitcoin price started a downside correction from well above $64,000 against the US Dollar. BTC could extend its decline below the $60,000 support in the near term.

  • Bitcoin failed to stay above $62,000 and extended its decline.
  • The price is now trading below $62,000 and the 100 hourly simple moving average.
  • There is a crucial bearish trend line forming with resistance near $62,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend decline below the $60,500 and $60,000 support levels.

Bitcoin Price Remains At Risk

Bitcoin price tried to clear the $64,000 resistance level. However, BTC failed to gain strength and started a fresh decline. The bears gained strength and were able to push the price below the $62,500 support zone.

The price even settled below the $62,000 level and the 100 hourly simple moving average. A low is formed near $59,824 and the price is now struggling to stay in a positive zone. It is testing the 23.6% Fib retracement level of the recent decline from the $63,700 swing high to $59,824 low.

It is currently facing resistance near the $60,800 and $61,000 levels. The first major resistance is near the $61,750 level and the 100 hourly SMA. The 50% Fib retracement level of the recent decline from the $63,700 swing high to $59,824 low is also near $61,800.

Source: BTCUSD on TradingView.com

The main breakout resistance is now forming near the $62,000 level. There is also a crucial bearish trend line forming with resistance near $62,300 on the hourly chart of the BTC/USD pair. A clear break above the trend line resistance and then $62,500 may possibly call open the doors for a move towards the $63,200 level. The next major resistance sits near the $64,000 level.

More Losses In BTC?

If bitcoin fails to clear the $62,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $60,000 level.

The first major support is now forming near the $59,500 level. A break below the $59,500 support may possibly push the price towards the $58,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $60,000, followed by $59,500.

Major Resistance Levels – $61,200, $62,000 and $62,300.

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Bitcoin Mining Vs. The World: BTC Leads Sustainable Energy

Recent reports show that Bitcoin mining uses great amounts of renewable energy due to economic incentives. This turn of events raised their numbers of sustainable power mix to almost three times higher than the world average.

As renewable energy offers low costs, bitcoin miners, who had to spend 68.42% of their total income to purchase electricity, have upscaled their efficient use of green energy. A recent data review shows how their mix of sustainable energy is higher than any country or industry.

Bitcoin mining sustainable power mix estimated in 58% – Source: Arcane Research

Renewable energy is not flexible and their locations do not tend to be convenient for most people. As bitcoin miners move close to sources of energy to lower the costs, they are a viable solution to not waste the sustainable energy that otherwise would be deployed, as explained by CoinShares.

According to a survey carried by the Bitcoin Mining Council (BMC), the electricity mix used by bitcoin miners increased 3% from second-quarter to an approximate of 57.7% sustainable in third-quarter 2021 “making it one of the most sustainable industries globally.”

MicroStrategy’s CEO Michael Saylor had stated earlier that the Bitcoin Mining Council’s effort to bring clarity and transparency over Bitcoin mining will most likely “play an important role in demystifying” the industry.

Furthermore, a whitepaper by the Bitcoin Clean Energy Initiative from earlier this year had explained how bitcoin mining, when using renewable energy, “is especially suited to accelerate the energy transition” towards a cleaner electricity grid:

With bitcoin mining integrated into a solar system, (…) energy providers – whether utilities or independent entities – would have the ability to play the arbitrage between electricity prices and bitcoin prices, as well as potentially sell the “surplus” solar and supply almost all grid power demands without lowering profitability.

China’s Ban Impact On Bitcoin Mining

Digiconomist data shows that China’s ban of all Bitcoin mining activities dropped the total amount of “active computational power in the network” by 50%. The reduction of mining competition also generated higher levels of income for active miners worldwide.

Torbjørn Bull Jenssen CEO of Arcane commented earlier:

As China is turning away from bitcoin mining, the mining industry as a whole is becoming increasingly green and a driver for renewable energy around the world. Now is excellent timing for Arcane to enter into this segment, (…) Mining is a very interesting business stand alone, and it also has considerable synergies towards our other investments and business. I am looking forward to finalizing the strategy for Arcane Green Data and presenting it in more detail for our partners and investors.

Related Reading | Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey

In a wider panorama of energy usage by Bitcoin miners, Square funds a solar-powered facility for bitcoin mining, El Salvador explores the viability of using volcanic renewable power for mining bitcoin, and other countries propose economic incentives for bitcoin miners who use renewable energy.

Related Reading |Jack Dorsey: Square Could Build Bitcoin Mining System

CoinShare stated in June’s report that bitcoin’s network is “more renewables-driven than almost every other large-scale industry in the world.”

Bitcoin trading at $60,618 in the daily chart | Source: BTCUSD on TradingView.com

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Breaking Down The Bitcoin Binance Flash Crash By The Second

On October 21st, 2021, crypto exchange Binance US experienced a Bitcoin flash crash to led BTC’s price to dropped by over 80%. The industry is maturing, but these occurrences reminiscent the times when a crypto flash was business as usual.

Related Reading | Brace For Impact: Wall Street Is Headed Straight For Bitcoin, Says Analyst

A report by Arcane Research deep dives into the event, starting from the time it happened on the aforementioned date at 11:34:17. At this time, as the research firm claims, a “sudden massive selling pressure cleared the order book” on the exchange.

This caused Bitcoin to crash all the way down to $8,200 for a whole 13 seconds. This parenthesis was enough for Binance US to experience a spike in its trading volume with 550 BTC changing hands, as Arcane Research said.

The research firm compared Binance US normal sell volume to that of this event. The former stands at 0.74 BTC in a 4-hour timeframe, “illustrating that this massive sell order (550 BTC) was” extraordinary, Arcane Research said while adding the following:

What caused the crash? A fat finger by someone meaning to place a limit sell order at $82,000? An engine error? A Combination? Binance has stated that it was caused by a bid in the trading algorithm of one of the institutional traders on the exchange.

This entity created a domino effect which wrack havoc across all Bitcoin exchange platforms. The research claims that the price of BTC dropped $1,000 as a result of this bug.

After, there were irregularities with different exchanges with Kraken seen its BTC/USD pair trading at a “growing discount”, Arcane Research said. On this platform Bitcoin traded at $55,500 while other exchanges were trading at $64,000 per BTC.

Related Reading | BTC Holders Reduce Spending, Why Bitcoin Could Get More Rocket Fuel

As seen below, the event extended to 11:35:06 with the Kraken discount stabilizing around this period. Arcane Research pointed out that this exchange operates with less efficiency during volatile markets.

Source: Arcane Research
Bitcoin Down The Trading Rabbit Hole

Brett Harrison, President of crypto exchange FTX US, commented on the event. He explained the different trading orders and how they operate when Bitcoin increases its volatility levels.

In this case, the price of BTC trended to the downside reducing the liquidity in the market as it moved further down. Harrison said:

Those trade prices will trigger stop loss or take profit orders, which themselves are market orders and will cause even more liquidity to be taken. The combination of market orders and lack of liquidity cause the price to spiral downwards in an extremely quick fashion.

Harrison clarified that the Binance US Bitcoin crashed was caused by an institution setting a large number of market orders that “cleared the bid side” for the BTC/USD trading pair order book. This triggered a liquidation cascade while BTC’s dropped in the platform.

FTX president used the U.S. futures market to exemplify a different market that used to suffered from this problem until it implemented “guardrails”. This could “help prevent short term microstructure issues”.

Related Reading | Bitcoin Futures Heating Up, Why BTC Traders Should Expect Volatility

The implementation of these types of solutions, in combination with others, could help bring more “maturity” into the crypto market, the executive claimed.

18/BTC/USD dropping as much as it did on some exchanges was not reflective of an actual move in the fair price of Bitcoin, it was a temporary dislocation due to exchange dynamics. Price bands, volatility pauses, and auctions can help prevent this situation reaching such extremes.

— Brett Harrison (@Brett_FTXUS) October 25, 2021

At the time of writing, BTC trades at $60,412 with a 4.5% loss in the daily chart.

BTC with moderate losses in the daily chart. Source: BTCUSD Tradingview

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Cardano, Solana Lead Altcoins As Market Sees Record Inflows

Cardano and Solana have led the charge of altcoins in the recent round of inflows into the crypto market. Altcoins saw increased inflows alongside bitcoin, which had seen increasing interest from investors after the first bitcoin ETF had been approved and began trading last week. Last week recorded the highest amount of institutional inflows coming into the market.

Institutional investors are now upping their stake in the market with the recent gains recorded across the market. Most notably has been the price of bitcoin which had broken a new all-time high following the trading of the first bitcoin ETF. The ETF had been released with much success as over $1 billion had been traded within the first 24 hours of the ETF being released. CoinShares released a report showing that institutional investors are not relenting with their investments.

Bitcoin Leads Market Inflows

Although altcoins had seen inflows into both assets last week, bitcoin had once again led the market inflows. The record-breaking inflows saw $1.47 billion flow from institutional investors into the market, and bitcoin accounted for a large portion of it. The amount marked the largest inflows in the space of a week in the market.

Related Reading | Yieldly’s CEO Says Interoperability In DeFi Is More Important Than A Market-Leading Blockchain

Bitcoin has led inflows in the previous weeks and this past week was no exception. Bitcoin inflows made up 99% of the total institutional inflows. The digital asset alone saw inflows total $1.45 billion last week. Most of this came from trading in the approved bitcoin ETFs that began trading last week.

Additionally, the digital asset saw inflows totaling $138 million into bitcoin products in other regions. CoinShares also reported that there had been records of profit-taking in the market but the volume was inconsequential in contrast to the total inflows.

Cardano, Solana Lead Their Peers

Cardano and Solana recorded the highest inflows for the week for altcoins. Leading altcoin Ethereum had recorded a 3rd consecutive week of outflows from the digital asset, suggesting waning faith in Etheruem. However, other altcoins picked up the slack in this regard.

ADA price slows above $2 | Source: ADAUSD on TradingView.com

Although nowhere near the inflows recorded by top cryptocurrency bitcoin, Cardano and Solana managed to hold their own in the market. Solana took the lead for the altcoin with the highest inflows with a total of $8.2 million for the week. Cardano also recorded a positive week of inflows with a total of $5.3 million flowing into the digital asset.

Related Reading | New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options

Binance also saw a positive week of inflows. However, the asset recorded inflows in volumes much smaller than its peers. Binance saw a total of $1.8 million of institutional inflows in the past week.

The inflows recorded last week bring the total asset under management (AuM) to a new record of $79.2 billion, with a weekly closing of $76.7 billion. Total inflows for the year have now surpassed the record set in 2020 of $6.7 billion with two months left to go in the year.

Featured image from Medium, chart from TradingView.com

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Bitcoin Futures Heating Up, Why BTC Traders Should Expect Volatility

Bitcoin has been moving sideways during the day as it was rejected north of $63,000. As of press time, BTC’s price trades at $62,698 with a 1% profit in the weekly chart.

BTC moving sideways in the daily chart. Source: BTCUSD Tradingview

However, Bitcoin could see some action in the short term. The benchmark crypto has been rallying on the back of an increase in institutional demand and the launch of the first BTC-linked ETFs in the U.S.

Related Reading | Why Bitcoin Needs To Clear $64K For Hopes of a Fresh Rally

As a consequence, Bitcoin went from the lows at $40,000 to a new all-time high in less than a week. This caused a FOMO effect most notoriously visible in the derivatives sector.

As CryptoQuant showed, the amount of leverage positions in this sector has been on the rise since the end of September. Moving to a year high with BTC’s price, the leverage ratio points to an excess which could be reflected on the price action.

Source: CryptoQuant via Twitter

The CEO of CryptoQuant Ki Young Ju believes this excess in leverage is caused by new players, as it is has happened historically when Bitcoin enters price discovery. Usually, the market reacts with a sudden move to the opposite direction of the majority of the overleverage position.

Related Reading | Brace For Impact: Wall Street Is Headed Straight For Bitcoin, Says Analyst

Whales and other major players try to shake out these new traders and take advantage of the liquidity in the market to make their own moves. In response to the possibility of the current high leverage in Bitcoin futures been driven by Chicago Mercantile Exchange (CME) futures Open Interest, Young Ju clarified:

This data doesn’t take into account CME futures. I think CME users are new players joining this industry, which indicates the market is over-leveraged by *existing* investors who are using crypto exchanges. Folks who use CME might not have over-leveraged positions.

New BTC ETFs, Same Bitcoin Price Action

The recently launched Bitcoin ETF are backed by CME futures. Therefore, some expects believe the platform could gain more relevance in the future and have a bigger impact in BTC’s price.

In case of volatility, Bitcoin could find critical support at $60,000, as $840 million in futures contracts were purchased when BTC’s price was hitting this mark, Young Ju said.

Source: CryptoQuant via Twitter

As noted by research firm Glassnode, the OI for the CME futures has increased by over 265% in just a month. This points towards a moment of euphoria which has favored the bears over the past months.

Related Reading | Bitcoin Funding Rates Touch Same Level As Early September, More Correction To Come?

However, the general sentiment around Bitcoin remains positive as Glassnode reported. This demonstrated by the amount of long-term investors that have stopped taking profits during BTC’s most recent price rally.

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Bitcoin Funding Rates Touch Same Level As Early September, More Correction To Come?

Data shows Bitcoin funding rates right now are at the same level as they were in early September. This means the coin may see another flush out similar to how it happened back then.

Bitcoin Funding Rates Float Around Similar Levels To Early September

As per this week’s on-chain report from Glassnode, the BTC futures perpetual funding rate of all exchanges is currently at the level similar to what it was back in early September before the crash.

The “funding rates” is an indicator that shows the premium that traders have to pay each other while holding on to their positions in the perpetual swap futures markets.

When the metric has negative values, it means that short traders are paying longs, and that many traders are bearish on Bitcoin right now.

Opposite to that, positive funding rates imply that the overall market sentiment is leaning towards bullish and longs are currently paying shorts to keep their positions.

Related Reading | BTC Holders Reduce Spending, Why Bitcoin Could Get More Rocket Fuel

Now, here is a chart that highlights the trend in the value of the indicator over the last six months:

Looks like the metric is currently showing highly positive values | Source: Glassnode’s The Week On-Chain, Week 43

As the above graph shows, when Bitcoin made its new all-time high (ATH) some days ago, the indicator reached positive local highs.

This means traders started opening many leveraged long positions so that they don’t miss out on the wave of BTC making new ATHs.

Related Reading | On-Chain Data Shows Surge In Stablecoins Supply Pouring Into Bitcoin

However, the price had a correction, which has often been the case during periods of high leverage, and a lot of the excess leverage was flushed out.

Nonetheless, the funding rates are still at similarly high levels right now as in early September. What followed then was the El Salvador crash that took the rates to negative values.

It’s possible another correction can take place now in order to flush out more of the currently high leverage in the market. Though it’s not a certainty that it will be how it plays out.

BTC Price

At the time of writing, Bitcoin’s price floats around $62.5k, down 0.4% in the last seven days. Over the past month, the crypto has gained 44% in value.

The below chart shows the trend in the price of the crypto over the last five days.

BTC’s price seems to be recovering somewhat from the dip | Source: BTCUSD on TradingView

Over the last few days, Bitcoin has shown some effort to bounce back from the correction, but in the last couple of days, the crypto has only moved rather sideways. If the futures funding rates are anything to go by, the market may be heading towards another correction soon that will wipe out the excess leverage.

Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com

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The Future Of Blockchain Gaming: Metaverses, Decentralization, Ownership, Income Opportunities, And More

As blockchain technology weaves golden threads into exciting new use cases, promising solutions like cryptocurrencies, NFTs, and DeFi are continuously gaining more attention, cementing themselves as significant contributors to overall ecosystem growth. Amidst this growing marketplace, blockchain gaming is another promising sector that has proven its potential.

Because blockchain games facilitate the play-to-earn (P2E) model, there has been a surge in demand for such games, partly driven by the economic crises due to the Covid-19 pandemic. Per data from the BGA Blockchain Game Report, more than 840,000 unique users joined at least one of the available play-to-earn games, growing the aggregate usage by 121% in terms of unique and active wallets between June and July 2021.

The Early Days

The early successes of blockchain games like Huntercoin, Crypto Kitties, and Axie Infinity, among others, brought a paradigm shift in how in-game asset ownerships work via NFTs, native tokens, and virtual asset marketplaces, paving the way for a fully decentralized global gaming economy.

For instance, one of the oldest companies in the blockchain gaming scene, XAYA, has been involved in blockchain development since 2013. The company is credited with launching the world’s first blockchain game, Huntercoin, in February 2014. By design, Huntercoin was a fully decentralized Massively Multiplayer Online (MMO) game running on its own blockchain. It was originally introduced as a live experimental test to see how blockchain technology could handle fully functional game worlds.

Following this experience, the team behind XAYA spent several years doing research and development to come up with a scalable and permissionless blockchain that can run multiple game worlds like Taurion. Fast forward, and XAYA has teamed up with GeekyAnts to bring Soccer Manager Elite, the premier sports management game, into the blockchain ecosystem. From inaugurating the world’s first blockchain game to creating an ecosystem of products and services that facilitate blockchain games, XAYA is setting the foundation for the upcoming wave of play-to-earn and NFT games.

XAYA co-founder Andrew Colosimo holds an optimistic view of the blockchain gaming industry, noting, “I think in 2022 we will start to see the emergence of more complex blockchain games. We are currently limited to games that are not necessarily fun but more focused on staking and with trivial game mechanics. I believe we are going to see the blockchain industry matching the standards of traditional games in terms of playability while integrating blockchain on various levels, for example, by utilizing NFTs or by the games themselves being fully decentralized.”

Peering Into The Present

By leveraging blockchain technology and the concept of tokenization, the current generation of blockchain games empowers the global gamer community with several income generation opportunities. Take Splinterlands, for instance, a blockchain-based trading card game that has shattered every record, establishing itself as one of the fastest-growing blockchain-based digital card games of 2021 after expanding its user base by almost 55.46% between September and October 2021.

Unlike other trading games, Splinterlands has created its digital cards using NFT technology, which grants it real value, even outside the game. These cards are tradeable on secondary marketplaces, and depending on the rarity and demand, each card can fetch its owner significant sums. Not only is the game free to play, but it also creates lucrative products for revenue streams and generates earnings opportunities for the players.

Remarking on the future of blockchain gaming, Dr. Jesse “Aggroed” Reich, Splinterlands co-founder and CEO, stating, “what feels like a craze now is really just the start of a tidal wave of change in the industry. This is a one-way valve where players that have experienced asset ownership and appreciation won’t go back to free to play. It’s a new era and has barely started.”

A Peek Into The Future Of Blockchain Gaming

Given explosive year-on-year growth from 2020 to 2021, there is no denying that next-generation blockchain technology will open up the next significant chapter in blockchain gaming, delivering not only a computing revolution but also a monetary revolution.

According to a report by InvestGame, a total of 489 deals involving gaming companies have been closed and announced within the first six months of 2021, four times the total deal flow in the first half of 2020. The total estimated value of these deals reached $50.2 billion, raised via public offerings, acquisitions, and investments.

Moreover, the NFT craze isn’t going to fade anytime soon. Accordingly, the future of blockchain gaming is promising, and we will see more P2E games going live, new metaverses and collectibles, thousands of new users, and the emergence of platforms that facilitate blockchain games and dApps.

Bluzelle is one such platform that is fully prepared to tackle the wave of new blockchain games by allowing dApp developers to store their sensitive data on its decentralized data delivery network (DDN). The team behind Bluzelle has developed an enterprise-grade database network from scratch that includes both a database and data caching services.

Video games demand speed, a lag-free experience, and security – all of which Bluzelle provides through its DDN. By combining decentralized technologies with edge computing, Bluzelle offers a faster and more secure internet while addressing all the pain points every dApp developer encounters, namely the choice between the high cost of blockchain data storage or the vulnerability of centralized solutions.

When asked about the future of blockchain gaming, Bluzelle CEO Pavel Bains concludes, “Games are becoming more online and global. 2021 was the year crypto game mechanics proved itself out. As a result, more talent has come in, and more games are being developed. In 2022, we’ll see more games going live for people to play and bring in more users. The security and the performance needs of those types of games, as more of them come out, are going to have to rely on decentralized technology.”

Source: Canva

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Brace For Impact: Wall Street Is Headed Straight For Bitcoin, Says Analyst

Wall Street has previously not been at the forefront of bitcoin trading in the past. However, that looks poised to change. The approvals of three bitcoin ETFs in the past week have brought about more institutional interest in the digital asset and Wall Street brokers are starting to turn their attention to the cryptocurrency. The first Bitcoin ETF recorded trading volumes of over $1 billion on its first day. This success has not missed the radar of Wall Street.

Analyst Christopher Brendler sat down with Coindesk to talk about the future of bitcoin in Wall Street. According to Brendler, Wall Street brokers are getting increasingly positive about BTC investments. It is important to note that bitcoin has outperformed both the Nasdaq and the S&P year-over-year, as seen in a report from Wealthier Today.

Interested In Bitcoin And Mining

Brendler had previously collated data on how the bitcoin mining industry was being viewed by players in Wall Street. He found that brokers had a positive view of the industry in the short term. Brendler estimated that about 15% of Wall Street brokers from the payments side of things were beginning to take investments in the cryptocurrency more seriously. This number at been at a meager 5% of Wall Street brokers at the beginning of the year.

Related Reading | American Singer Mariah Carey Offers Free $20 In Bitcoin To Promote Adoption

Interest has mostly grown due to the growth of bitcoin in the past year. The asset whose price had been below $30,000 at the beginning of the year had grown over 100% to a new all-time high in October.

BTC price suffers beatdown from $63K | Source: BTCUSD on TradingView.com

The asset itself has not been the only one to record tremendous growth in recent months. Mining stocks have also benefitted from the market rally. The report stated that mining stocks Marathon Digital and Riot Blockchain have seen growth up to 1,500% and 600% respectively in the past year, considerably higher than the  377% of BTC in the last year.

Institutional Investors Are Pouring In

Institutional investors have continued to pitch their tent with bitcoin. This has translated into more interest in the market from Wall Street brokers. Bendler noted some skepticism from these investors. However, they still remained bullish on the digital asset in the long term. “While most investors are still new to this area, there was also quite a few already involved and able to dig deep into our new coverage,” said Bendler.

Related Reading | Analyst Puts Bitcoin Bottom At $50,000, Here’s Why

As interest from Wall Street grows, it is expected that we will see more inflows in bitcoin. The money coming in will help to drive the price of bitcoin both in the short and the long term.

Bendler explained that the investors familiar with the market were bullish crypto miners. Although they erred on the side of caution when it came to valuation in the space. This has, however, not caused them to shy away from the space. With returns from the crypto market beating out traditional investment vehicles, it is only a matter of time before Wall Street is fully invested in the market.

Featured image from Ethereum World News, chart from TradingView.com