Bitcoin is enjoying a good surge as it goes well above $7k level. As a potential bull run seems to be getting into action, the Wall Street is showing an active interest in the crypto market and favoring Bitcoin over other cryptocurrencies.
Bitcoin [BTC] trading at $7,442 with a $127 bln market cap
Today, the topic that demands attention is Bitcoin (BTC). Since yesterday, it has been on a constant increase, however today, it saw a hike of 10 percent and crossed the $7,400 mark. The entire crypto market has registered substantial gains in the past 48 hours and the total market cap is coming closer to $300 billion level.
The world’s largest cryptocurrency, Bitcoin (BTC)’s market cap has reached $127 billion with a daily trading volume of $6.6 billion.
As the Bitcoin price is trading in the green, the sellers in the Over-the-counter (OTC) market are holding off their Bitcoins in the hope that the prices are going to hit even more heights. However, the buyers are looking for sellers to make the bitcoin purchase at a low rate so that they can then sell them at a high price.
Wall Street favors bitcoin
The current market scenario is very positive with strong bullish signs. This has certainly raised the Bitcoin FOMO among the investors. And Wall Street is no stranger to this.
Marc Lasry, the billionaire investor who is also running the world’s 13th largest hedge Fund, Avenue Capital Group in an interview with CNBC predicted the bitcoin price. According to him, Bitcoin could reach $40,000 as it becomes mainstream and further easier to trade.
“As it gets more into the mainstream, and as more markets end up allowing it to trade where it’s freely tradable, to me that’s more of the bet”. He also sees Bitcoin investors making “5 to 10 times their money in 3 to 5 years”.
“The reason why I like bitcoin is, because it’s the one everybody is going to come to” shares Lasry who believes bitcoin will be the most beneficial cryptocurrency for the investors. In December, last year, he also expressed his regret for not buying bitcoin sooner when it was at about $300 level.
Bart Smith, the head of digital asset at Susquehanna International Group earlier this week shared that according to him Bitcoin is the best option for crypto investors. Being used for different functions by different people, Bitcoin should be the preferred investment choice for investors.
Serving as the internet’s money, Smith points out that Bitcoin has a competitive edge over others because of its use cases.
Recently, Wall Street has shown a tremendous inclination towards Bitcoin and cryptocurrency market in general.
Today, Goldman Sachs’ named David Solomon as its new CEO who will join his position on October 1. Solomon has been a bitcoin supporter and vocal about this market which is a positive sign for the overall crypto market.
Another imperative mention is Blackrock, the world’s largest ETF provider that is planning to explore the world of cryptocurrencies. Also, institutional investors interest is surely rising in this growing market as revealed by Coinbase VP and Binance CEO has revealed.
Not to mention the fact that regulatory space is advancing in favor of the crypto market. A bull run seems to be getting into action, but only time will tell.