Bitcoin Price News Today: BTC is Giving the Bears a Cause for Concern
Bitcoin is currently trading at $5,653 (CoinMarketCap) after having posted a 2019 high price point of $5,876 USD yesterday and surpassing $100 billion market cap for the first time since November 13, 2018.
Although BTC/USD price fell just short of the $6k target, the attempt comes on the heels of a big helping of Tether FUD, making the move more remarkable as the 17 month bear market continues onward.
Since $BTC managed to rebound from a dip after New York’s Attorney General’s accusations against Bitfinex/Tether owner iFinex Inc., investors likely carried enough confidence through the week to power the recently witnessed moonshot. It still remains to be seen what will unfold in the latest Tether (USDT) and Bitfinex exchange drama as the shadow banking system of the Crypto Capital situation is still being unraveled.
Apart from news-related price drivers, bullish bitcoin momentum has developed since the cryptocurrency market unreservedly capitulated in November of last year.
Even more importantly, BTC recently closed its first three consecutive months of growth since 2017.🤩 So, where to from here? 🧐
It is believed that $5500 is an essential pivotal support and should hold in the near-term as price consolidates around yesterday’s massive move.
If we break below the $5500 level, expect continued downside that could sweep the low $5000s – and potentially lower. 😦
In the event we do begin charting below the $5000 mark, we’ll start looking for new BTC long entries.🤑
A Fifth of Institutional Players are Invested in Crypto
You may have noticed that Fidelity Investments loves cryptocurrency. ❤️
With over $2.46 trillion in assets under their care, it’s reasonable to say that Fidelity knows a thing or two about where and when to be invested. 👌
Despite the bear market, Fidelity went ahead with crypto trading and custody products while executives at the company repeatedly went on the record to profess their love for the emerging digital asset class.🕺
Recently, Fidelity published the results of a comprehensive survey regarding the amount of exposure to crypto assets held by institutional investors. Their report suggests that at least 22% of institutional buyers have at least some exposure to cryptocurrencies, like bitcoin, and that the next five years will see a huge influx of additional investment by major financial players.
Facebook’s Shadow Looming Large Inside Crypto Space
The prospect of Facebook’s gradual entrance into the blockchain space is becoming less theoretical and more concrete by the day.
It was previously reported that Facebook is seeking at least $1 billion in its effort to bring a cryptocurrency to the market.
Considering Facebook’s global saturation in name recognition and status as social media giant par excellence, should they release a cryptocurrency for in-network payments, it could easily and quickly rival payment systems by the likes of Visa.
Therefore, it may be wise for incumbent payment networks to tag along with Facebook’s effort rather than be rendered obsolete when Facebook wipes out swipe and card processing fees with a crypto payment system.
Bitcoin’s price is $47,649.65 BTC/USD exchange rate today. The real-time BTC market cap of $888.45 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $19.04 Billion and live coin value change of BTC -4.33 in the last 24 hours.