a survey done by investment banking major JPMorgan on Thursday revealed that 78% of institutional investors will stay from cryptocurrencies. The survey involved 3,400 investors at 1,500 institutions, including JPMorgan
NEW DELHI: Bitcoin fell for the second straight day on Friday, as investors worldwidedumped cryptocurrencies and equities after a sell-off in US Treasures sent bond yields soaring.
Stocks on the Wall Street slumped overnight on Thursday as investors were disappointed after Federal Reserve Chair Jerome Powell did not indicate that the Fed might step up purchases of long-term bonds to rein-in longer-term interest rates, a Reuters report said.
With major institutions such as Tesla and MicroStrategy buying bitcoin, developments in the financial world such as rising bond yields and falling stock markets have started to impact the digital-verse in a big way.
Meanwhile, a survey done by investment banking major JPMorgan on Thursday revealed that 78% of institutional investors will stay from cryptocurrencies. The survey involved 3,400 investors across 1,500 institutions, including JPMorgan.
Bitcoin had hit an all-time high of $58,640 on 21 February, but as the rally looked stretched prices slipped to a low of $43,343 last week, representing more than a 25% correction. The digital currency is around 19% below its all-time high.
At 3.30pm on Friday, the crypto asset traded 3.6% lower at $47,175.81, having moved in a range of $46,519.77-50,646.90 over the past 24 hours, as per CoinGecko.
“The volatility in bitcoin is majorly due to heavy selling that took place on the world's largest traditional investment vehicle — Grayscale Bitcoin Trust. It may also be due to the rise in competition from other exchange-traded products. Additionally, bitcoin options' expiry led to many selloffs among traders dealing in exchange traded funds (ETF). It's a general phenomenon when traders cash out their options, we witness a dip in price. What we see is there are less buying or selling and more holding among the traders," said Sumit Gupta, CEO and co-founder, CoinDCX.