Institutions Can’t Stop The Bulls: Bitcoin Bounces Back, And it Could Go Even Higher

Good news for Bitcoiners, as the father of all cryptos recently bounced back, reaching US$40,000, and currently traded at US$39,400. But Bitcoin could reach an even higher price if the demand increases, with a curbed purchasing power.

Could Exchanges Limit Bitcoin Buying?

The volatility of the cryptomarket has put heavy buying pressure on exchanges. So much, that the Israeli-based exchange eToro had to warn its users about “possible limitations” on Bitcoin buying orders.

After abruptly closing crypto positions on Wednesday due to “Extreme market volatility”, a spokeswoman said on Wednesday:

It’s our effort to give clients advance notice that there may be restrictions. We obviously hope we will not have to implement any of these but the crypto markets are incredibly volatile at the moment and the weekends present the greatest challenges

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The warning has pumped fear and anxiety in several retailers, who argue this could only boost the price, and the famous Fear Of Missing Out —FOMO— could kick in among investors.

Millions of positions worldwide were wiped out in just a week when BTC caught retailers off guard with a -20% price dump.

Not surprisingly, now that BTC has recovered at least 10 % in price, traditional institutions are now desperate to regulate cryptocurrencies, quoting “money laundering scam”.

On Wednesday, Cristine Lagarde, president of the European Central Bank stated:

Bitcoin is a highly speculative asset which has conducted some funny business and some interesting and totally reprehensible money laundering activity.

But tables are turning, as bulls ignore institutions and politicians trying to hold back cryptos and lowering them to mere schemes.

The statements from Lagarde had the opposite effect as well, as the bull run came exactly after her declarations.

Despite the recent price drop, Australians haven’t lost hope in cryptocurrencies as well. There’s a greater daily inflow of Aussies in exchanges looking to trade cryptos and invest in BTC using SMSFs.

Not only the possible limitations on buying calls could spark the price even higher, but traders are also worried about liquidation following institutional hoarding on cryptocurrencies.