Crypto Review

Bitcoin’s race to $50K heats up as solid institutional backing continues

Bitcoin’s race to $50K heats up as solid institutional backing continues

The crypto market has been surging recently and there’s one cryptocurrency — Bitcoin (BTC) — leading the way. After having suffered through volatility for the better part of the last 60-some days, the flagship crypto has showcased a high level of recovery, even breaking past its 200-day moving average earlier this month, suggesting that a move to the $50,000 psychological barrier may be in the cards soon.

Bitcoin’s most significant institutional backers include Michael Saylor-led Microstrategy, EV manufacturer Tesla and crypto-focused investment firms Galaxy Digital Holdings and Voyager Digital. Additionally, even a number of traditional banking institutions have entered the crypto fray recently. Wells Fargo, one of the oldest banks in the United States, is the newest member of a list of growing financial institutions to offer its wealthy clients indirect exposure to Bitcoin.

Other prominent financial institutions that also offer a range of crypto-focused financial offerings include JPMorgan, BNY Mellon, Morgan Stanley, Bank of America and Goldman Sachs, among many others.

Lastly, according to recent filings made with the United States Securities and Exchange Commission (SEC), a growing list of wealth management companies — such as Illinois-based Clear Perspective Advisors and Ohio-situated Ancora Advisors — have been acquiring sizable sums of Grayscale’s Bitcoin Investment Trust (GBTC) shares, signaling a growing demand for the asset among institutional players.

On BTC’s increasing adoption, a spokesperson for cryptocurrency exchange Bitstamp told Cointelegraph that the number of active retail female investors has grown more than 24% in the last six months.

Lastly, with a growing list of countries — most prominently El Salvador — starting to adopt varied measures to recognize and regulate the crypto market, it will be interesting to see how the coming few days play out for Bitcoin, especially with the prevailing market sentiment that seems to be overwhelmingly positive at the moment.

Bitcoin’s race to $50K heats up as solid institutional backing continues, CNBC, Aug 23

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