Investment funds turned to buy bitcoins as it had dropped below $35,000 in price. More than 37 thousand bitcoins were withdrawn from cryptocurrency exchanges on the evening of 19 May.
As BTIG`s Managing Director Julian Emmanuel stated in his interview to CNBC institutional investors acted as the main buyers after the price dropped to $30,000 level. He added, however, that the ability of bitcoin to bounce back to the $40,000 level spoke to its perceived viability as an alternative option in a diversified portfolio.
The same position was supported by the fact that Genesis Global Trading on 19 May sent out the note to its counterparties stating that investment funds had begun buying bitcoins at the $35,000 price level. According to CryptoQuant Alerts on the evening of 19 May, multiple exchanges witnessed a currency outflow of more than 37,000 bitcoins. Ahead of the massive withdrawal the largest inflow of cryptocurrency since March 2020 had taken place.
Overall by 12:00 MSK 20, May the main cryptocurrency was traded at $39,600 whereas its market capitalization reached $745bil.
Originally published at https://telegra.ph on May 25, 2021.
