According to Aya Kantorovich, head of institutional sales for FalconX, the over 30% spike in the price of Bitcoin within a few hours is a result of asset managers buying the current Bitcoin dip.Trading firms have revealed that hedge funds and asset managers have once again taken the opportunity of the current market pullback, buying the current Bitcoin dip. It is no secret that Bitcoin’s wild and volatile swings do come with a buying opportunity for investors and newbies in the crypto space. However, the outlook on this current market slip is still too early to determine whether the plunge is set to continue or if the crypto market will pull a quick rebound up its sleeves.Bitcoin’s price retraced from the ,000 trading lows to touch above the ,000 mark in the latter stages of
Topics:
<title> considers the following as important:
This could be interesting, too:
Chayanika Deka writes Chinese E-commerce Giant Alibaba Downsizing Metaverse Unit to Streamline Operations: Report
Ailleurs writes Cryptoast Talks : Discussion avec Bastien Teinturier
Dimitar Dzhondzhorov writes Top Ripple (XRP) Price Predictions as of Late
Wayne Jones writes Binance Co-Founder Clarifies Asset Listing Policies, Dispels FUD
According to Aya Kantorovich, head of institutional sales for FalconX, the over 30% spike in the price of Bitcoin within a few hours is a result of asset managers buying the current Bitcoin dip.
Trading firms have revealed that hedge funds and asset managers have once again taken the opportunity of the current market pullback, buying the current Bitcoin dip. It is no secret that Bitcoin’s wild and volatile swings do come with a buying opportunity for investors and newbies in the crypto space. However, the outlook on this current market slip is still too early to determine whether the plunge is set to continue or if the crypto market will pull a quick rebound up its sleeves.
Bitcoin’s price retraced from the $30,000 trading lows to touch above the $40,000 mark in the latter stages of Wednesday as trading firms believe that, institutional buying activities account for the surge. According to Aya Kantorovich, head of institutional sales for FalconX, the over 30% spike in the price of Bitcoin within a few hours is a result of asset managers buying the current Bitcoin dip. “TradFi asset managers are buying on our end, we are no longer stressed!” Kantorovich stated.
Traditional financial institutions warmed up to the idea of Bitcoin earlier on this year and have started treating the digital coin as a legitimate asset class, a hedge against inflation, and an investment option for the financial portfolios of their clients. The actions of these institutions led to the new wave of institutional interest and even in these troubled times, these financial institutions are still willing to make the most out of Bitcoin.
Before the latest appreciation in Bitcoin’s price, Genesis Global Trading reached out to its counterparties via a note stating that macro funds began buying at the Bitcoin dip at the $35,000 level. The firm cited the massive Bitcoin sell-off over the past 48 hours as “largely driven by forced liquidations on derivatives venues,” adding that the extreme liquidations which sent the price of Bitcoin down the drains have been quickly bought in past instances. Reports also suggest that many derivatives traders offshore were poised to sell “short gamma” a term meaning sell to hedge at the $40,000 price level, which accelerated the market sell-off.
Financial Institutions hounding the Bitcoin dip comes as no surprise as some market experts during Bitcoin’s recent fall advised investors to look past the numerous negative catalysts if they are in for the long term. Delano Saporu, founder and CEO of New Street Advisors Group founder earlier yesterday stated that “for investors that are thinking long term, this is actually a great opportunity to buy at prices you may not see for a while.”
Saporu added that, although it might sound crazy, this is the best time to buy Bitcoin highlighting the dollar-cost averaging. “I think right now would be a great time,” he said. “If you were buying at the higher levels, you should be buying now,” the CEO said.
Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.