Institutional investors may help Bitcoin sustain new heights
bitcoin, the cryptocurrency's latest meteoric rally to a record high may have more legs than in 2021, experts say.
The world's largest cryptocurrency, notorious for its volatility, touched $69,202 on Tuesday, driven by excitement over new U.S. spot bitcoin exchange-traded funds (ETFs) and expectations the Federal Reserve will begin cutting U.S. interest rates this year.
Since Bitcoin has less than two decades as a financial asset, predicting its price trajectory remains extremely challenging. Just months after retail exuberance helped drive bitcoin to its previous record in November 2021 the cryptocurrency crashed, taking half the crypto industry with it.
But more institutions committing long-term money could help the token sustain its high levels this time around, analysts and executives said.
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View Details» «Traditional institutions were once sitting out; today, they are here in full force as the principal drivers of the crypto bull market,» said Nathan McCauley, CEO of Anchorage Digital, a crypto platform.
In February, for example,
