Bitcoin (BTC) continues being the talk of the town after it set a new high of $41,500, but it has since tumbled to around the $35K level based on a looming correction. Nevertheless, Bitcoin has traded at highs of 38K this week, but despite its ongoing volatility, BTC has managed to retain a level above the 30K for some time, and this seems may prove to be a crucial support level.
The overwhelming appetite for BTC by institutional investors seems to be increasing because the leading cryptocurrency is continuously stamping its authority as an inflationary hedge.
Bybt cryptocurrency trading platform has disclosed that Bitcoin institutional inflows are not showing any signs of slowing. The aggregated derivative exchange noted:
“Bitcoin (BTC) institutional inflows show no signs of slowing down; there may be a new round of buying. Grayscale Bitcoin Trust Clocks $23.69 Bln.”
Grayscale, a digital asset management firm, has been setting the ball rolling as one of the leading…