Institutions are thrilled that you’re selling, suggests OKCoin COO

CoinTelegraph

A number of mainstream companies have picked up massive piles of Bitcoin (BTC) since summer 2020. Meanwhile, the asset surged past its 2017 record high near $20,000, recently cracking $34,000 before pulling back toward $27,700. The dip, however, has created some serious buying pressure, according to OKCoin’s chief operating officer, Jason Lau.

“Over the weekend, as Bitcoin prices hit fresh all time highs near $34k, markets touched new levels of resistance,” Lau told Cointelegraph. “Both total crypto market cap and bitcoin dominance reached 2017 highs, at around $800B and 73% respectively,” he noted, adding:

How To Get Free Crypto  

“Profit taking occurred around these levels, resulting in some sideways trading, and causing many to be over leveraged long on futures. We saw $1.4B in BTC and $500M in ETH futures liquidated in the last 24hrs, resulting in a sharp dip to the $29,500 level for Bitcoin. However, these dips are being bought up pretty quickly, reinforcing the narrative that there are underlying bids by institutions keen to access bitcoin.”

Last year kicked off a trend of large mainstream players — including MicroStrategy, MassMutual and Paul Tudor Jones — allocating massive sums of capital toward Bitcoin. The public can thank this institutional uptake for Bitcoin’s recent rally, according to comments from crypto bull and Galaxy Digital CEO Mike Novogratz.

“In addition, we saw rotation out of BTC during this period, as traders rotated assets from BTC into alts to gain higher returns,” Lau explained of Bitcoin’s recent price action. “This is evident as Ethereum gained 13% over bitcoin in the last 24hrs, while bitcoin dominance fell to 69%.”

Ether (ETH) recently flew up past $1,000 as part of a sizable move that outpaced Bitcoin in the short term.

Go to Source
Author: Benjamin Pirus


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.