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Bitcoin is officially back up and over the $60K mark after briefly dipping below the line this weekend. BTC originally recaptured $60K on Saturday after staying in the $50,000s for the better part of a month.<\/p>\n
Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!<\/strong><\/p>\n What\u2019s driving BTC up? eToro\u2019s Simon Peters said in a statement that the rise is due to \u201ca number of factors.\u201d Namely, \u201cnew demand from institutional investors and wealth managers offering cryptoasset exposure to clients,\u201d as well as \u201ca decline in on-exchange reserves is reducing supply as more investors move Could Bitcoin\u2019s current price momentum be the start of a run to $70K?<\/p>\n Finance Magnates has previously made a number of reports on Bitcoin \u201cwhales\u201d that are habitually moving their BTC off of exchanges. For example, at the end of March, Finance Magnates reported on massive Bitcoin outflows from Coinbase: $1 billion worth of BTC has left the digital exchange in just 24 hours. On April 6th, Finance Magnates reported on WhaleAlert\u2019s findings that one Bitcoin hodler transferred 5,193 BTC to an unknown wallet.<\/p>\n Corporations have also showed an increased appetite for involvement in the crypto world. Earlier this month, Finance Magnates reported that both Visa and Paypal were making their way into crypto. Visa announced that it was developing plans to begin settling some of its transactions with USDC on the Ethereum network; PayPal announced that it would be giving its users the options to pay merchants with crypto.<\/p>\n Additionally, Simon Peters pointed to the recent entry of State Street asset management firm into the crypto universe. \u201cState Street has forged a deal to lend its trading technology to start-up Pure Digital, which aims to be the main institutional platform for bitcoin,\u201d Peters said.<\/p>\n \u201cThe new trading venue will enable cash cryptoasset trading for investors via their existing banking relationships, with Currenex, State Street\u2019s platform providing the underlying technology.\u201d<\/p>\n The exchange is scheduled to launch in the middle of the year. \u201cThis launch is yet another example of major financial firms exploring cryptoassets, and looking to play a more substantial role in the market,\u201d Peters said. In addition to Paypal and Visa, StateStreet is following in the footsteps of \u201cBNY Mellon, Goldman Sachs and Morgan Stanley, this year could be a momentous one for the adoption and appreciation of crypto assets in not only the retail but institutional market too.\u201d<\/p>\n Peters also pointed to Rick Caruso\u2019s retail estate company, which owns luxury apartments and outdoor malls (\u201cThe Grove\u2019 and \u201cThe Americana\u201d) which will now accept rent in the form of bitcoin. Tangentially related, Peters also pointed to McDonald\u2019s France\u2019s recent announcement that it will be releasing series of its iconic menu items as NFTs.<\/p>\n Could Bitcoin\u2019s current price momentum be enough to push the BTC price to $70K? Some analysts believe it may be so. However, BTC\u2019s price movement in the coming days will determine whether BTC is ready to gain further ground, or if another retracement is imminent.<\/p>\n — Steven D. McKie\ud80c\udc80\ud83d\udd25 (@Steven_McKie) April 11, 2021<\/p>\n<\/blockquote>\n
\nthe currency to their own wallets.\u201d<\/p>\nCorporate and institutional movements for Bitcoin are playing an important role<\/h2>\n
\u201dThis year could be a momentous one for the adoption and appreciation of crypto assets\u201d<\/h2>\n
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