Bitcoin sees bullish trend amidst major announcements in crypto market

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • The bullish wave of Bitcoin has unfurled from the beginning of the Quarter 3 as several high-profile investors showed their interest
  • Choros also believed that bitcoin would never go below $10,000 mark again
  • Central Bank leading the wave of digital currency to manage their CBDCs effectively, the news brings a positive approach to the crypto market

Bitcoin has seen a bullish trend ending this week, reason many high-stake investments announcements by the high-profile investors, G20, and Central Bank Digital Currencies in traditional banking systems are some of the major announcements that has helped bitcoin surge the chart.

Bitcoin continues to climb the ladder and strengthen its position over $10,000 mark. However, the week ending October 16, the BTC crossed $11,000 and seems to be going strong in the weeks to come.

This bullish wave of Bitcoin has unfurled from the beginning of the Quarter 3 as several high-profile investors showed their interest in the cryptocurrencies and made exorbitant amounts of investment which draws positive attention towards bitcoin.

Shedding light on big investments to finance magnets, Jack Choros, Managing Director, CryptoRadar, informed that Stone Ridge, an asset management firm would be investing $115 million into bitcoin, another major player in payments gateway is Square company, which is looking to invest $50Million in BTC. Business intelligence firm, Microstrategy would be investing $425million in bitcoin.

Choros also believed that bitcoin would never go below $10,000 mark again if the investors continue to invest higher stakes in the next couple of months.

A continuous uptrend in the total crypto market has been observed of late. BTC volatility continues to show a strong correlation with the traditional S&P 500 (SPX Index), as reported by CoinGecko Q3 cryptocurrency report.

Many new decentralized exchanges are setting their footprints and gaining popularity. It is also reported that decentralized exchanges continue to grow than its centralised counterparts. It is one of the trends that has been gaining momentum in Q3 and will continue to do so in the coming quarters.

News around policy-related development in cryptocurrency was also doing the rounds this week, which had caught the attention of many digital currency traders, big companies, and government agencies too. The announcement of a Group of 20 (G20) working with the International Monetary Fund (IMF), the World Bank and the Bank for International Settlements (BIS) to complete the regulatory framework and formalise the use of a Central Bank of digital currencies (CBDCs) in traditional banking systems, surge the market price of Bitcoin in the digital currency market.

With Central Bank leading the wave of digital currency to manage their CBDCs effectively, the news brings a positive approach to the crypto market. The week with major announcements, investments and policy regulations continued an upward trend in the total crypto market, giving more power to bitcoin.

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