Cryptocurrency Rise Thanks to Largest US Bank and 3 Whales By...


© Reuters

Investing.com – This major cryptocurrency appears to be on a date with a relative liberalization after two weeks of limited trading near the 55K levels. The tangible change in the performance of Bitcoin came after the remarkable adoption by the largest US bank, Morgan Stanley (NYSE:) for Bitcoin products by increasing indirect investment in the most popular currency.

While the sudden moves by three whales yesterday, Wednesday, boosted the rise of Bitcoin after executing three deals totaling about one billion dollars.

Morgan Stanley

Morgan Stanley increased its exposure to Bitcoin by purchasing additional shares in the Grayscale Bitcoin Trust.

The “Morgan Stanley Insight” fund boosted its holdings by more than 63% by the end of the third quarter of this year.

Grayscale Bitcoin Trust is a financial instrument that allows investors to invest in funds that in turn hold large amounts of .

Morgan Stanley’s exposure to bitcoin via the Grayscale Bitcoin Trust reached $303 million at the end of September 30th.

buy dip

Institutional investors have committed more than $6.6 billion to bitcoin products, $1.17 billion to products and more than $9.2 billion to cryptocurrencies as a whole.

Grayscale, the largest crypto asset manager, has recorded nearly $52 billion in assets under management as of November 19.

Cryptocurrency investment products, which include exchange-traded funds (ETFs), have seen weekly inflows totaling $154 million for the past week. As in previous weeks, bitcoin investment products attracted the most inflows of $114.4 million.

3 whales

A huge transaction was spotted by a large Bitcoin whale, transferring about 15,076 Bitcoin, worth up to $852 million. Binance also witnessed the execution of a second whale transaction for 485 bitcoins, worth $27 million.

A new deal was added to the whale deals, which amounted to about $70 million in about 1,250 bitcoins.

Bitcoin now

Bitcoin was seen today, Thursday, the highest levels of 58 thousand dollars, as it rose by more than 3%, rising to levels of 58 thousand dollars. While Bitcoin recorded the lowest price within 24 hours, the lowest levels of 56 thousand dollars, and its market value reached 1.216 trillion dollars.

market now

Bitcoin reinforced the rise of the major altcoins that tracked their impact, as Ethereum increased within 3%, rising to levels of $4.37 thousand.

Binance Coin increased after news that the founder of the Binance platform negotiated with sovereign funds to buy a stake in the world’s largest cryptocurrency exchange by trading volume.

On the other hand, it seems that the brilliance is now subjected to a sudden profit taking after the strong rise, and Sola is now declining within 3% at levels of $208.

While, Ripple and Dogecoin rose less than 1% up to the levels of $1.68, $1.04 and $0.2187 each, respectively.

While Avalanche rose again, rising by 10% at levels of $127, while recording a weekly increase of 21%.

It also increased in the range of 2%, up to levels of $0.0000433, while Crypto.com decreased in the range of 10%.

The ascent is coming

According to a recent tweet from a TechDev analyst, the 2021 bull market is behind the 2017 cycle by five to eight days as of July.

If the trend continues, Bitcoin and the broader market could prepare for a higher breakout in the medium term.

These currencies are threatened with further decline:

The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.

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