Another week has passed, and it has been nothing short of exciting on the cryptocurrency market. Bitcoin went on to lose a serious chunk of its value as it plunged below $8,700 only to recover a few days later and touch $9,600. However, BTC is relatively indecisive over the past couple of days as it got rejected at that level, and it’s currently trading slightly below it around $9,400.
If Bitcoin can climb back above this important resistance level, it may take another shot at the coveted $10,000 mark. As of yet, though, it appears that bulls are losing momentum and regrouping.
Altcoins managed to catch a break while Bitcoin was plummeting, as some of them, including MATIC, Cardano, and a few others, marked notable increases. Bitcoin’s dominance remains rather intact, signaling that nothing has changed from a macro perspective. Ethereum was the winner during the past two days, as it managed to increase by 10%, reaching a 30-days high.
The week was marked by news concerning institutional investors. First, new data revealed that Grayscale has been buying quite a lot of BTC. In fact, it bought 50% more than all the bitcoins mined over the past 100 days.
At the same time, Coinbase acquired a leading cryptocurrency brokerage to further strengthen its institutional focus. The Winklevoss-owned exchange Gemini partnered up with Bitwage to launch a Bitcoin 401 (k) plan, while also teaming up with Samsung to integrate its mobile app in the tech giant’s blockchain wallet.
In any case, it appears that smart money is becoming increasingly interested in the field, and it’s exciting to see what this will mean for Bitcoin going forward.