Currently, the largest cryptocurrency is trading at the level of $ 8,131. According to CoinMarketCap data, the BTC daily rate fell by 0.55%. The digital assets from the TOP-10 that demonstrates positive dynamics are stablecoin Tether, XRP and Litecoin.
Against the background of decreasing prices on the digital asset market, a positive post appeared, asking enthusiast and trader not be afraid of a drop in Bitcoin price to $ 7,000.
Accordingly, a representative of Bitcoin-Fund-Manager.com company, that claims to be managing 20 BTC+ accounts, noted that while some are worried about the fall of cryptocurrencies, Wall Street sharks are quietly waiting for the growth of coin to $ 150,000.
The Fund Manger representative said the sharks are not bothered about the recent market plummet but rather focused on their positive expectation for the market.
Cryptocurrency Market Is the New Wall Street
Early, Nelson Minier, the head of over-the-counter trading at Kraken, said the cryptocurrency market was the new Wall Street.
As he notes, trading is not as lively as it was before. Hence, it is not surprising if everything goes to the point that portfolio managers, adventurers and advanced hedge funds will join the cryptocurrency space.
Therefore, those who bought Bitcoin at $ 12,000 do not expect rapid growth but consider a decrease in the value of cryptocurrency a common phenom. Most likely, the digital market is now at the stage of waiting for new participants.
Minier drew attention to the fact that institutional investors are very interested in cryptocurrencies. This is due to the high potential of digital assets return. However, the process is slow, and there are still many associated risks in the industry.
Institutionalization of the Cryptocurrency Space is a Long and Difficult Process
Besides, many users believe that Bitcoin-ETF will attract more flows of institutional funds. Accordingly, the emergence of crypto-ETF should have a positive effect on the market. However, its dynamics have not been particularly pleasing to most investors recently.
On the other hand, new products don’t always become popular immediately. Therefore, the recent launch of Bakkt, most likely, did not meet the expectations of many market participants. On the first day, the trading volume of Bitcoin futures on the Bakkt platform turned out to be 75 times lower than on CME for the same period.
Bakkt, first day volumes: 71 bitcoin.
CME, first day volumes: 5298 bitcoin.
That's a 75x difference.
— Alex Krüger (@krugermacro) September 24, 2019
In any way, the new tools are initially intended for institutional participants. The institutionalization of the cryptocurrency market is a long and difficult process. Regulators and large investors are still worried about darkness, hacks, scam projects, and relatively high market volatility.
But all of them are interested in derivative markets and custodial solutions that are closer to the traditional space. Nevertheless, it is not yet clear whether the development of derivative instruments that allow downward trading will contribute to the long-term growth of Bitcoin cryptocurrency.
On the other hand, many experts are convinced that cryptocurrency derivatives offer broad opportunities for hedging and arbitrage operations. This helps to increase the efficiency of the spot market.
So far, one thing is clear: the truly massive adoption of crypto assets is still a long way off, and the problems of distrust of institutions and regulators in cryptocurrencies are likely to be solved only in the medium term.
Addition: Shortly after this article was published, Josh Rager, has this to say about the pseudonymous Bitcoin Fund Manager referenced in this article:
Yeah… that's a block right there
Anyone new to crypto needs to understand the Bitcoin Fund Manager is one of the biggest scammers out there
He makes dozens of accounts after being blocked
Don't let anyone "manage" your Bitcoin, you'll never see it again pic.twitter.com/SwZCwiEqTV
— Josh Rager 📈 (@Josh_Rager) October 5, 2019