Bitcoin’s price has rallied this week, pushing to new highs of over $23,500, after claiming the resistance level of $20,000. Bitcoin’s price has remained stable over $22,000 in the past 24 hours.
Institutional money coming for Bitcoin
As Bitcoin has witnessed yet another record high, its rally is most likely fueled by the institutional adoption in the recent months and days. One of the largest investors in Bitcoin has recently emerged, as the hedge fund bought more than $600 million in cryptocurrencies after joining forces with Alan Howard, the co-founder of Brevan Howard Asset Management.
Grayscale has purchased around $140 million in Bitcoin earlier this month, adding to its Bitcoin Trust portfolio. Asset manager Ruffer Investment also announced that it has purchased $744 million in Bitcoin, prior to the cryptocurrency’s massive rally. Global Chief Investment Officer at Guggenheim Investments, Scott Minerd recently also put a $400,000 target on Bitcoin’s price.