Although BTC (+3.54%) is currently doing all the good numbers after the leading currency hit its highest ever from its inception- $49,716; it has now done a significant fall to the $44k range. Some crypto experts have qualified the rate at which whales are buying over the leading currency to be at “a staggering pace.”
On Thursday, the 11th of February 2021, BTC first gave the world a hint that it will hit $50k sooner than later after surging some points over $49k. The leading currency has now dropped by a whopping $5k to $44,266.925 largely because there was not enough volume to hold the almost $50k rate.
This dip is rather surprising as BTC experts could have sworn that the leading currency was headed for $50k at the beginning of this fresh week seeing as many institutions were now stashing their monies in the digital currency.
For proper context; just recently, giant investment bank, Morgan Stanley had revealed that it would stash monies in crypto via its “$150 billion Counterpoint Global Investment Unit”. Shortly before Morgan Stanley’s move to take on crypto massively, the Deutsche Bank of Germany also revealed that it was set to commence crypto custodial services thereby helping to “hedge funds that invest in the asset class.”
BTC may be enjoying the world’s embrace, but other altcoins have also increased considerably. For instance, Chainlink’s LINK (+5.52%) achieved new all-time high of $35.73 just yesterday the 14th of February 2021. Other cryptos like NEO (+4.89%), bitcoin cash (BCH, +6.49%) and the likes are also doing good numbers.
Regardless of this lucrative era for digital assets; today, the 15th of February, 2021, BTC did a 5k dip. The co-founder of Stack Funds linked the recent BTC price fall to “funding reset”. He notes:
“Bitcoin and other cryptocurrencies, in general, looked overheated, and the Asian session drop was likely a ‘funding reset’ needed for a sustained move above $50,000,”
It also appears that regardless of more BTC adoption by institutional investors over time, new institutions are rather lethargic in their adoption approach to the digital gold.
What is your take on this sudden price fall of the leading crypto? Let us hear it in the comment section below.