BITCOIN (BTCUSD) – Week 35 – Bullish takeover
Morgan Stanley's investment funds have purchased approximately 6.5 million shares in Grayscale Bitcoin Trust (GBTC), a move that comes as other big financial institutions look for ways to provide their customers with exposure to the cryptocurrency market. Morgan Stanley invested in GBTC across more than a dozen funds, according to SEC records discovered by Decrypt. Its Growth Portfolio, which owns 2.3 million shares of the Bitcoin-focused fund, is now the largest shareholder.
Square's Cash App is a popular method for consumers to purchase and sell Bitcoin, but CEO Jack Dorsey is a huge supporter of the leading cryptocurrency, and Square has big aspirations in the sector. Dorsey announced a new Bitcoin-focused subsidiary dubbed TBD last month, and now he revealed what it will be: a decentralized exchange. TBD intends to make a fully permissionless and decentralized exchange built around Bitcoin, however, to provide users a wide array of on-ramps for exchanging fiat currency for BTC.
According to former Reserve Bank of India Governor Raghuram Rajan, cryptos definitely have a “potential future.” Speaking at the Reuters Global Markets Forum, the economist opined that while cryptocurrencies have highly fluctuating values, they might be useful as means of payment in the coming time. As expected, the former bank exec lent more support to the idea of well-regulated stablecoins, with Rajan adding that these assets should have quick, appropriate regulations.
Technically, after the correction that started on the 24th of August and ended on the 26th we see a move to the upside as a higher probability scenario. If this consolidation breaks to the upside the price will continue to go higher. Keep in mind that a retracement to the blue trendline is possible before climbing back up. If the price breaks the blue trendline sharply and consolidates we may be retesting the support area before resuming the uptrend.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Square's Cash App is a popular method for consumers to purchase and sell Bitcoin, but CEO Jack Dorsey is a huge supporter of the leading cryptocurrency, and Square has big aspirations in the sector. Dorsey announced a new Bitcoin-focused subsidiary dubbed TBD last month, and now he revealed what it will be: a decentralized exchange. TBD intends to make a fully permissionless and decentralized exchange built around Bitcoin, however, to provide users a wide array of on-ramps for exchanging fiat currency for BTC.
According to former Reserve Bank of India Governor Raghuram Rajan, cryptos definitely have a “potential future.” Speaking at the Reuters Global Markets Forum, the economist opined that while cryptocurrencies have highly fluctuating values, they might be useful as means of payment in the coming time. As expected, the former bank exec lent more support to the idea of well-regulated stablecoins, with Rajan adding that these assets should have quick, appropriate regulations.
Technically, after the correction that started on the 24th of August and ended on the 26th we see a move to the upside as a higher probability scenario. If this consolidation breaks to the upside the price will continue to go higher. Keep in mind that a retracement to the blue trendline is possible before climbing back up. If the price breaks the blue trendline sharply and consolidates we may be retesting the support area before resuming the uptrend.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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