Goldman Sachs has started offering its clients access to Bitcoin (BTC) trading through non-deliverable forwards, according to Bloomberg Law. Max Minton, Goldman's Asia-Pacific head of digital assets, said that institutional demand continues to grow significantly in this space.
Even Citigroup plans to introduce crypto-related services due to the increasing demand from asset managers and hedge funds. Although inquiries about Bitcoin surged in August 2020, the investment bank has been slow to jump into the crypto market. Citigroups global head of foreign exchange, Itay Tuchman told the Financial Times that crypto is here to stay and that we are just at the very beginning of the market.
Daily cryptocurrency market performance. Source:
Long-term investors view dips as an opportunity to build their portfolio at favorable prices. These investors seem to be using the current correction in Bitcoin to buy. Glassnode data shows that 12,354 Bitcoin were withdrawn from Coinbase, with the intention of possibly being held in cold wallets for the long term.
While Bitcoin seems to be in accumulation mode, altcoins have continued their stellar run. Lets analyze the charts of the top-10 cryptocurrencies to ascertain whether the altcoins have room to run or is a correction around the corner.
Bitcoin is facing stiff resistance near the downtrend line but a positive sign is that the bulls have not allowed the price to sustain below the 20-day exponential moving average ($56,036). This indicates that traders are buying on every minor dip.
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