Institutional Investors Not Affected by Bitcoin Price Crash
Last Updated: 13 January 2021
After reaching an all-time high of $41,551 last week, the price of Bitcoin crashed to $30,538. Institutional investors remain bullish on the market despite the recent price activity.
Institutional investors unphased
Institutional investors have remained relatively unphased by the recent price movements of Bitcoin. Their growing interest in the premier cryptocurrency is widely believed to be the reason behind the latest bull run, because of which prices went from $10,500 at the beginning of October 2020 to over $40,000 last week.
Messari data suggests that the price couldn’t sustain its all-time highs and fell to $30,538. This move was earlier predicted by Guggenheim Investments CIO, Scott Minerd. In November, the hedge fund announced its plans to invest $350 million into Bitcoin. Anthony Scaramucci, who also served as the communications director for the Trump administr