Bitcoin accelerated its upward move on Friday afternoon, cracking technical resistance in the $ 48,000 area. If the outbreak proves sustainable, the price could soon jump the psychologically important $ 50,000 mark for the first time since the brutal setback in May.
The returning interest of institutional investors is providing the Bitcoin and the entire crypto market with a tailwind. The crypto exchange operator Coinbase has announced that it intends to invest half a billion dollars and in future at least ten percent of its profits in Bitcoin and Co in the long term (THE SHAREHOLDER reported).
Wells Fargo is also slowly opening up
The US bank Wells Fargo also announced that it now wants to give its wealthy customers indirect access to Bitcoin investments. According to an application to the US Securities and Exchange Commission, this should be a fund that was re-launched in cooperation with the crypto company NYDIG and FS Investments.
After Goldman Sachs, BNY Mellon, JPMorgan and Morgan Stanley, another heavyweight in the US financial sector is taking the first step towards opening up to digital assets – an important signal for the legitimacy of the young asset class.
Crypto market accelerates
On the crypto market, all of this creates a cheer before the weekend. The market cap of the overall market increases by seven percent to $ 2.08 trillion. With a plus of a good six percent, the Bitcoin can crack the technical resistance in the area of 48,000 dollars and mark the highest level since the violent setback in mid-May.
In addition, the eruption has set it apart from the medium-term sideways trend of the last few months, which should further strengthen investor confidence. Any confirmation of the upward trend can currently attract further market participants from the sidelines. If the outbreak proves to be sustainable, the next focus will be on the psychologically important 50,000 mark.
Note on conflict of interests:
The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.
Author Nikolas Kessler has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.
Shares or derivatives that are discussed / mentioned in this article are in the “SHAREHOLDER Depot” of THE SHAREHOLDER.