Market Wrap: Bitcoin Never Going to Zero, Philanthropist Giving Away Money to Buy BTC

This week, the price of bitcoin moved, although it continues to trade in a tight range and is still hovering around $9,200 on low volume.

However, a report by Stack Funds says the digital asset’s extended bull flag continues with long-term narrative intact. Moreover, a shift in its investors’ demographics would propel the BTC price.

“As the millennial generation enters into the peak age of investment maturity, we believe this tech-savvy group would propel the significant shift in investors demographics, in turn, increases the propensity of bitcoin investments,” reads the report.

As per the report, half of the bitcoin investors are millennials, and the wealth transfer from boomers to millennials would put a buy pressure on the digital asset.

“In our conservations with investors, we noted that part of this buying pressure reflects parents from gen X and baby boomers who are looking to invest long term for their children’s future,” states the report.

Moreover, an increased interest has been seen in baby boomers and generation X, a finding also supported by another recent report.

Philanthropist Bill Pulte also believes “Bitcoin will be higher in the future” and, as such, has been giving away money to only buy bitcoin in CashApp (just like he did last year).

This week, bitcoin’s one-month correlation with SPX hit a new all-time high. The correlation has been turning more and more positive since late-June, a month which has been dull in terms of the trading volume.

On Kraken, volume dropped to a four-month low of $36.6 billion, while BTC price fell by 4.4%, the lowest since August 2019.

Bitcoin’s correlation with gold meanwhile dropped, which, according to Kraken’s report, means the digital asset is behaving more like a traditional financial asset and less like a safe-haven asset.

Back in March, following the global markets, bitcoin crashed to $3,800 and $3,600 on BitMEX. Many pointed out that time, how if the derivatives exchange hadn’t shut down, Bitcoin could very well have gone to 0.

This week, Alistaire Milne made a buy order of $18.63 million to buy all bitcoin at $0.01 to ensure BTC doesn’t go to zero.

Then yesterday, Adam Back, co-founder and CEO of Blockstream bid for 21 million BTC at 2 cents on Bitfinex exchange.

Bitcoin price might not be reaching an all-time high yet, but the network hashrate hit an all-time high this week. Meanwhile, altcoins are surely giving ‘new peaks’ a try.

Read Original/a>
Author: AnTy

Related Articles