- Bitcoin price blast past $12,500
- Mode Banking, a public company in the UK, invests in Bitcoin
- PayPal supports Bitcoin
Trending News: Bitcoin, PayPal, and Mode Banking
The crypto scene is on a roll. For a while now, retails were the sole pushers of the Bitcoin and digital currency wheel.
There were external reasons that barred institutions from participating and clipping part of the space’s mega-profits. For instance, the rally of late 2017 and early 2018 benefited retailers. Institutions had to watch events unfold from the sidelines.
They now have a chance.
Recent developments, especially from the United States, suggest reception and acceptance. Comments from the CFTC chair are enough reasons.
He saw the revolution in Ethereum and DeFi and talked of their role in stabilizing the global economy.
Mode Banking and PayPal Bitcoin Support
However, it is the entry of publicly listed companies that are drawing more attention than ever before.
While Square and MicroStrategy set precedence, it is the entry of the London Stock Exchange-listed Mode Banking and the support from PayPal. Both are fanning demand for Bitcoin.
Mode Banking, in a press release, said they are investing 10 percent of their cash reserves to Bitcoin as part of their diversification and investment strategy.
PayPal, on the other hand, said it would support the buying and selling of Bitcoin, Ethereum, Litecoin, and Ripple.
The CEO, in a Reuters interview, said they were prepping their network for CBDCs and stablecoins while helping drive the adoption of cryptocurrencies.
Ripple Could Move to Japan Due to Poor Regulations in the United States
The influx of institutions and their endorsement of cryptocurrencies is a huge boost, a shot in the arm for the sector struggling for institutional acceptance.
Part of this is because of fuzzy and confusing laws.
In an interview with Bloomberg, the CEO of Ripple said if they won’t find clarity in the United States, the firm was ready to shift bases to Japan, Singapore, United Arab Emirates, the United Kingdom, or Switzerland.
These countries have well-developed crypto and blockchain regulations.
Bitcoin Price Analysis
Bitcoin Daily Price Chart for Oct 22 by Trading View
The Bitcoin price is up 13 percent in the last week of trading against the USD.
From the daily chart, bulls are in the driving seat. Following streams of bullish news, the coin is now trading above August 2020 highs. Accompanying the rally was an uptick of prices above the $12,000 and $12,500 resistance levels suggesting participation and a strong foundation for further gains.
Presently, the upward momentum is strong since bullish candlesticks are banding along the upper BB as Bollinger Bands—a technical indicator measuring volatility diverges.
In days ahead, every pullback is a loading opportunity. The immediate target is July 2019 highs of $14,500.
Technical chart courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author. This is not investment advice. Do your research.