Bitcoin targets $60,000 with increased institutional investor activity and positive technical analysis data. Meanwhile, currencies like ADA, BNB and XRP are slipping and failing to keep up with the growth of the main crypto-asset.
This Tuesday bitcoin rises 1.79%, many altcoins do not follow according to Coingolive data:
Institutional investors take a stand
According to data published by blockchain analyst Glassnode, the average transaction size of bitcoin grew above 1.3 BTC.
“An increase in the typical transaction size is not synonymous with price appreciation, but indicative of larger and even institutional capital flows present on-chain,” said Glassnode
Investors are likely positioning themselves for the launch of the Bitcoin ETF in the US. The CEO of one of the biggest investment companies in the cryptocurrency market commented on the topic and talked about the possibility of a massive sale before launch day, see more in the article “Pantera Capital CEO indicates exact day to sell Bitcoin”.
This last quarter will also see the release of the biggest bitcoin update in the last 4 years, Taproot.
Also read: Taproot is coming: what it is and how will it benefit bitcoin
“The technical outlook appears to be in sync with the bullish on-chain data, with the 100- and 200-day (MA) moving averages on track to print a bullish crossover in the coming days – the first in 16 months.” – Coindesk technical analyst Omkar Godbole stated.
Brazil risk soars
In the national scenario, the dollar closed the day with the highest quotation since April, helping the price of bitcoin to rise even more on the national cryptoactive exchanges. The tourism dollar closed at R$5.74 and the commercial at R$5.53:
According to the Credit Default Swap (CDS), a financial instrument that serves as insurance against defaults and assesses the risks of certain operations, it shows a 24% increase in the accumulated in 2021, an increase of 13% compared to the historical average of 183.4 spots.
“This scenario also brings more volatility and impacts on the reduction of investment projects. The number of companies that leave more significant decisions on investments and acquisitions after 2022 continues to grow.” – said the former secretary of Economic Policy at the Ministry of Finance José Roberto Mendonça.
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