Nearly 40% expect to invest a portion of it in stocks or Bitcoin. The respondents also showed a preference for Bitcoin over stocks. Saying that Bitcoin could swallow as much as 60% of those investments, Dolan noting, "We calculate it could add as much as 2-3% to Bitcoin's current $1.1 trillion market value.”
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Markets Report: Bitcoin Falls on Biden Inauguration Amid Warning Stimulus is ‘Long-Term Negative’
A subdued start of the new presidency comes as bullishness broadly fades from cryptocurrency markets
The hours prior to Biden’s inauguration saw a rebound in a previously declining U.S. dollar, something which came in tandem with BTC/USD cementing daily losses of 7%. The largest cryptocurrency had previously spent the week ranging slightly higher, with speculation rife that a breakout was due but that the direction it could take was unclear.
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Markets Report: Is Bitcoin heading below $20,000?
A last trip below $20,000 to wipe out longs would not be ‘surprising,’ one analyst says, but bulls may not even allow that, others argue
Bitcoin bounced around $23,000 on December 22 as anticipation built over fresh institutional buy-ins. After Monday was characterized by weakness with a retracement to $21,800, Bitcoin staged a modest recovery on Tuesday, at press time seeking to reinforce $23,000 support once again after highs of $23,400.
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What’s next for Bitcoin?
Two things could drive Bitcoin’s price up—or down—in the final weeks of 2020
Bitcoin is now in unchartered territory, and prices have never been this high. But this bull run is different. Institutions are pumping hundreds of millions of dollars into the world’s biggest cryptocurrency—and there’s no sign of this appetite abating. You could argue that the biggest danger to BTC’s dramatic surge is the holiday season, when some traders will start logging off for Christmas and New Years. As weekends often spark volatility in the Bitcoin markets, the low trading volumes mean first cryptocurrency is prone to dramatic surges and painful pullbacks.
