Good news for all crypto investors and friends of cryptoassets. The crypto winter should be finally gone us after the week behind us. The crypto sector’s lead currency – the Bitcoin (BTC) – passed the important psychological mark of $7,000 this week and oscillated around $7,500 at the time of this article’s publication (May 12, 11.30am). At the beginning of the week, the BTC was still trading around $5,800, an increase of around $1,600 or just under 28%. In this respect, the high expectations set in FinTelegram’s latest weekly crypto notes have even been exceeded.
The Bulls Are Back In Town Again
The current market dynamics seem to have been sufficient to distribute the crypto winter. Now the bulls should set the tone again. The Canadian investment firm Canaccord Genuity published an industry update on May 9 suggesting that the BTC might climb back to its all-time
Bitcoin has started to form the spring 2019 bottom we began mentioning last year, although a close look at the chart suggests the recovery may be slightly ahead of itself. Looking ahead, if bitcoin were to continue following the same trend, the implication is a slow climb back toward its all-time high of ~$20,000,Canacord Genuity, Industry Update, Bitcoin Monthly
theoretically reaching that level in March 2021.
Bitcoin’s most compelling case for institutional investors may be as an uncorrelated asset to stocks, bonds, goldCanacord Genuity
andoil, as bitcoin continues to demonstrate low correlation to other asset classes
Typically, the 3rd quarter is the most interesting for the capital market and its players, the set for its performance is set by the events of the 2nd quarter. May traditionally has an important impact on setting trends for Q3. The fast price increase of BTC & Co will not continue ad
What about crypto ETF?
The big event the market is still waiting for is the approval of a crypto ETF by the U.S. SEC. This would greatly facilitate institutional investors’ entry into crypto assets. Due to their guidelines, most large funds may only invest in listed securities. A publicly listed ETF would open the doors to crypto-assets for these funds as well.
What about Crypto FX Retail?
The FX Retail industry, which has been hit by the many scams around binary options, CFDs and crypto, also hopes for a new bull cycle. However, Crypto FX Retail is currently dominated by new players such as Kraken and Circle. It is hoped that with the support of FinTelegram and its whistleblowers, the financial market regulators and authorities will be able to prevent the Israeli binary options scam community from moving in. This will be a challenge and a threat. Should it not be possible to keep the scammers out of the new market to a large extent, the next scandals, arrests, and indictments around cryptoassets are inevitable.
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