Bitcoin price movement is slow with the month range being between $6,200 and $6,800. However, this is not deterring the big names from the mainstream as US brokerage firm TD Ameritrade, Wall Street expert Ric Edelman, and now Yale University is investing in crypto space.
BTC price movement becoming monotonous?
At the time of writing, Bitcoin has been trading at $6,587 while being in the green by 0.15 percent of 24-hours gains. Today’s price range has been between $6,506 to $6,626. However, the world’s leading cryptocurrency is registering a drop in its 24-hour trading volume to $3.7 billion which shows lack of activity.
However, “Despite the fact that volumes are lower, more firms are trading [bitcoin and cryptocurrencies],” Mike Unetich, the vice-president of cryptos at software vendor Trading Technologies has been quoted as saying by the Forbes.
If we take a look at the 1-month price chart of Bitcoin as presented below, after the drop to $6,500 from early September’s just above $7,000 value, Bitcoin has maintained stability. The price has moved between $6,200 and $6,800. This decrease in price volatility is certainly a good thing for the market.
As shared by Ran Neu Ner:
I’ve said for a while now that there is no need for a stable coin and that one day BTC will be that coin. I didn’t think it would happen so soon! 😀 pic.twitter.com/48wBeN43qi
— Ran NeuNer (@cryptomanran) October 5, 2018
Could this mean it is the calm before the storm? Well, crypto enthusiasts and investors are surely hoping and looking for a huge breakout, a movement similar to December’s $20,000.
Also, read: Bitcoin Scams Running Rampant, FB getting Sued & CFTC being Forged
Big names unaffected, still entering into crypto industry
As we reported yesterday, one of the five largest US Brokerage companies TD Ameritrade is investing in a new cryptocurrency exchange for millions of its customers. A regulated derivatives exchange, ErisX will offer Ethereum (ETH) and Litecoin (LTC) futures option.
According to JB Mackenzie, the head of futures and forex at TD Ameritrade, it’s imperative to offer “the same experience they get with the existing futures and equities markets, where there are those protections.”
Ric Edelman is another name from the Wall Street that is investing in crypto space through Bitwise asset management. Edelman will serve as an advisor in order to “bring institutional-caliber crypto exposure to investors in the U.S. and around the globe.”
However, he also shared,
“It’s an effective way to speculate in this space. And speculate is the keyword. It’s still the Wild West.”
Bloomberg has reported that Yale University, an Ivy League school has also entered the crypto market as it is “among investors that helped a new fund focused on digital assets raise $400 million.”
Paradigm is the fund that was recently started by Fred Ehrsam, co-founder of Coinbase among other names from crypto space. With $30 billion of the endowment being headed by David Swensen, about 60 percent of the Yale University’s assets are targeted for alternative investments.
The Wall Street giants are already involved in the crypto space in one way or another and ICE’s Bakkt launch is just around the corner as well.
Do you think this wave of institutional capital could help the crypto market revive?
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.
