The global developments around bitcoin and cryptos are looking highly favourable and the market is likely to remain in a state of bull frenzy for a while
United States, March 14, 2021 /AlexaBlockchain/ – Bitcoin’s record-breaking rally has led to a massive surge in retail investment interest in Bitcoin and other cryptos. Google trends data suggests retail investors are dominated by strong FOMO over bitcoin’s recent rally. Moreover, the global developments around bitcoin and cryptos are looking highly favourable and the market is likely to remain in a state of bull frenzy for a while.
Bitcoin (BTC) yesterday hit a new all time high of $61,683.
Recent Developments Driving The Bitcoin’s Record-Breaking Rally
- JPMorgan’s Global Markets Strategy team recently released a report covering Bitcoin which shows that institutional investors are moving from Gold ETFs to Bitcoin.
- Major investment banks planning to foray into crypto asset class.
- JPMorgan said recently it’s looking seriously at the asset class, and Goldman Sachs has also shown an interest in crypto. A division of Morgan Stanley is reportedly considering adding bitcoin to its list of possible bets. Deutsche Bank is likely to launch its Digital Asset Custody and Prime Brokerage Service for Institutional Clients this year.
- Companies like PayPal and Mastercard have made significant moves to support cryptocurrencies.
- Tesla last week announced it had invested $1.5 billion into bitcoin and planned to accept the digital currency as payment for its products.
- Major public firms across the globe are now evaluating bitcoin investments after Telsla $1.5 Billion investment in Bitcoin.
Gary Gensler, Joe Biden’s choice to serve as chairman for Securities and Exchange Commission (SEC), said last week that Bitcoin and other cryptocurrencies “have brought new thinking to payments and financial inclusion, but they’ve also raised new issues of investor protection that we still need to attend to.”
Many analysts are of the view that Bitcoin price may not go below 45,000. However, retail investors at large are still not able to make decision on bitcoin investment.
“i still remember it (Bitcoin) was around $800 when i first started taking interest in it, but i never invested. And, now i feel like it was a big mistake. Today, when i see its price i have no idea if its is still worth investing… whether, it’s going to sustain or explode further or a big crash coming,” said 25-year-old Hridhaan Sharma who lives in Delhi and runs a big data company.
Ravi Kumar, Senior Market Analyst at AlexaBlockchain, said: “There is a growing interest among retail investors, they are willing to invest but they are worried. Crypto ETPs can be a better option for such investors. Many countries have already taken positive steps towards it.”
Google Trends: Popular Interest in Bitcoin and Cryptocurrency is Growing
Web search data on Google trends for the worldwide search query “bitcoin”, “bitcoin price”, “Crypto”, “Blockchain”, “Best Crypto”, and “Top Crypto” suggests that popular interest in bitcoin, crypto, and blockchain has suddenly started growing.
Google trends is currently returning a value in the range of 75-100 for the worldwide search query “bitcoin price”. This clearly suggest that retail investors are showing huge interest over bitcoin’s price rally and the market is clearly more in a state of bull frenzy.
Crypto Exchanges Experiencing Record Surge In User Signups
The massive boom in Bitcoin and other cryptos is now enticing more new retail investors to invest and trade in digital assets. Consequently, crypto exchanges are now experiencing record surge in user signups.
Raj Chowdhury, Managing Director of PayBito, recently commented, “The rise of Bitcoin’s price acted as a catalyst, thereby attracting traders from all across geographies, leading to record signups on our platform.
India based Franc Exchange has also reported an overwhelming surge in new user registrations. Mr. Prasanna K, entrepreneur and founder of Franc Exchange recently said, “The Indian traders have found an exciting opportunity in the form of crypto-currencies, especially after the Bitcoin’s rise.
