BTC is one the road to $60.000 as institutional investors continue to add digital currencies to their reserves.
On Wednesday night, BTC hit $57.100 – a level that had been approaching since February 20 where it hit a new high of $58.352.
Two positive events of the next few days are the trading of Coinbase on the Nasdaq with a capitalisation of $100 billion, and the distribution of social dividends of $ 1.9 trillion, which will be distributed to millions of small investors.
Given that institutional investors have bought mainly at $48.000 (Square, Tesla, MicroStrategy) they already count profits in excess of 17%. Given the pressure of BTC on their stock trading, institutional investors will try to secure a new high, possibly at $60.000, and secure their positions profitably.
The daily rally exceeded 6.5% from the low of the day at $52.998. The highlight of the day was that Digital Currency Group aims to invest up to $250 million in Grayscale Bitcoin Trust (GBTC). The market comes at a time when GBTC was being traded for the first time with a significant 15% discount on the price of $ BTC in crypto currency exchanges.
For now, the Grayscale Bitcoin Trust has had to stop new investors from entering, so it will only be available through OTC until it finds synchronisation with cryptocurrency markets. GBTC was first traded at a discount on February 27th.
Despite the difficulty of private investors to invest at these levels, according to data from the Robinhood platform, we know that more than six million American investors bought cryptocurrencies for the first time in 2021.
According to data from Crypto Quant, we are seeing an outflow of $15.700 BTC (worth $850 million) from the US Bitcoin exchange alone, while the number of cryptocurrencies deposited in cryptocurrency exchanges is approaching a two-year low. This translates to a lack of cryptocurrencies for sale, as the main reason they are deposited in exchanges is to put them up for sale.