Dec 21, · By the time of writing bitcoin is trading at $22,, ether is hovering around $ XRP dropped further to $ BTC/USD. Bitcoin closed the trading day on Sunday, December 13 at $19, after successfully rebounding from the weekly support situated around $18, a day earlier. It closed the seven-day period percent lower. Australia's premier secure cryptocurrency & Bitcoin exchange. Buy, sell and trade Bitcoin (BTC), Ethereum (ETH), XRP and more with AUD today. Bitcoin Price (BTC USD): Get all information on the Bitcoin to US-Dollar Exchange Rate including Charts, News and Realtime Price. Business Insider Markets Insider.
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However, we have encountered recent examples of major corporate names that are entering into the space and we believe that this activity will help support market valuations in BTC-USD over the next few quarters. According to analysts at JPMorgan , however, these perceptions might now be on the brink of a major change and evidence of this perceived reversal can be found in the latest round of bitcoin investments initiated by Massachusetts Mutual Life Insurance.
Ultimately, this represents a rising rate of bitcoin adoption that could impact public sentiment in ways that are highly bullish for the asset's underlying market valuation. For these reasons, this recent story from Massachusetts Mutual should not be viewed as insignificant because these are the types of the corporate decisions that could open the floodgates for those seeking bitcoin adoption going forward.
In our view, these are also the types of stories that could set cryptocurrency assets on a very firm path toward extended gains in Essentially, recent trends in the U. Dollar Index have shown a massive reversal after hitting spike highs in March and a continued deterioration in this key benchmark for global markets could easily create an additional factor that boosts sentiment with respect to the major cryptocurrencies.
In our view, the recent surge in M2 money supply in the United States is likely to work as the most important fundamental factor influencing valuations in the greenback over the next few quarters.
As more money is pumped into the market, we expect the U. Recent comments from Fed Chair Jerome Powell seem to support this dovish outlook and this is likely to remain the case for an extended period of time. Currently, the monetary policy prospects for historic lows in U. In global currency markets, this means that investors are unlikely to buy the U. On the daily charts, we can see that despite the generalized weakness and lack of interest that has been displayed relative to the U.
Given the valuation divergences that currently characterize each of these assets, it seems reasonable to assume that the BTC part of the equation is what is actually drawing the market's interest. Of course, this shouldn't be much of a surprise for bitcoin bulls because we have just broken to new record highs and this alone could be expected to act as a critical factor influencing market psychology at current levels.
In order to maintain this bullish perspective, we'd like to see these market volume levels maintain themselves as any declines from here might suggest that the majority of investors are looking elsewhere for value after the cryptocurrency's recent gains.
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