The latest Bitcoin (BTC) rally did not surpass the all-time highs during 2017’s rally, but there were definitely some noticeable improvements.
According to Barry Silbert, the founder and CEO of Digital Currency Group (DCG), the infrastructure supporting Bitcoin has improved significantly, and enthusiasm is ramping up.
As reported by CCN and according to Silbert, the emergence of trusted custodial service providers allowed both accredited and institutional investors to confidently participate in the market during this rally. Adding to this, he said there’s also new trading software, compliance software, and better-educated participants in the market.
Moreover, 2017’s bull run was plagued with fake market data from crypto exchange volume that was falsely inflated or fake.
As previously reported by IIB, Bitwise Asset Management revealed that nearly 95 percent of trade volume is incorrectly reported and likely influenced the mass FOMO (fear of missing out) by retail investors in 2017.
This year, the crypto market has involvement from major financial institutions including CME Group, Fidelity, TD Ameritrade, and ICE’s Bakkt. The infrastructure is being built so that major institutional money can confidently enter and exit the crypto markets.
According to Steven Quirk, TD Ameritrade executive vice president, tens of thousands of the firm’s clients are already invested in the crypto market to some capacity.
During the Consensus 2019 conference, Quirk reportedly said:
“We get calls, emails, 60,000 clients have traded something in this complex. As soon as you open the door, you’re going to get a lot of people looking to participate in the market.”
Bitcoin rallied up to $8,400 from just $4,150 at the beginning of April. It has since corrected slightly and is holding support above $7,000. How far Bitcoin will correct is yet to be determined, but if this rally can be sustained without correcting too steeply, there’s a chance it will continue.
After all, Bitcoin’s infrastructure has improved significantly, with institutional giants entering the space. Bakkt’s physically settled Bitcoin futures will be launching soon as testing will officially commence in July and other institutional platforms are expected to follow suit.
Do you think Bitcoin will continue to rally higher in the foreseeable future? Let us know what you think in the comment section below.
Publish0x, a crypto-agnostic blogging platform, has launched with the intention to change the publishing industry…
Bitcoin (BTC) has thus far flourished in 2019, surging 188% from its December lows of…
Cardano (ADA), the proof-of-stake (PoS) blockchain network built on peer-reviewed academic research, is being developed…