This week, the market saw several fundamental developments that further signals cryptocurrency adoption by the institutional investors.
Russia made headline this week as the Russian President Vladimir Putin gave the order to adopt the pending legislation by the first half of this year i.e. July 1, 2019. Bitcoin proponent Max Keiser also shared:
“What I’m hearing from sources close to Kremlin: This paves the way for CBR to start adding Bitcoin to their reserves later this year.”
— Max Keiser, tweet poet. (@maxkeiser) February 27, 2019
With a clear regulatory framework, the country may diversify its economy into crypto apart from its dominant gas and oil reserves. Moreover, earlier this week only, the former Energy Minister of the Russian Federation hinted on an oil-backed crypto that might be issued once the legislation is in place.
Another major development came into the form of Julius Baer, one of the largest private banks in Switzerland that announced a partnership with SEBA to offer crypto-related services to its customers where growing demand from the customers is the main driver behind this offering. In another development, Hong Kong-based crypto exchange, Coinsuper is also pivoting institutional investors.
Meanwhile, a new Californian bill, AB 1489 if passed would introduce stringent rules for VCs that could negatively affect the market.
Elsewhere, Coinbase finally listed third largest digital asset XRP while Ethereum successfully upgraded.
What’s Going on with the Prices?
Currently, the market is not seeing much action except for a few coins where popular cryptocurrency Basic Attention Token (BAT) is up by more than 17 percent. Among the top cryptos, Litecoin (LTC) and Binance Coin (BNB) are registering the highest greens by over 3 percent.
When it comes to BTC price, it is currently trading at $3,857 with $7.7 billion daily trading volume. Meanwhile, Bitcoin analyst, David Puell, shares the current state of Bitcoin price models.
“$4,200: Realized price is the average of what the market paid for their coins. It should serve as resistance, since weak hands dump at break-even.
$2,823: Delta price accelerates to new lows, forming a fishnet with NVT prices.
$2,515, $2,234, $2,067: NVT prices picking up due to an increase in velocity. Historically, they tend to converge with market price when capitulation occurs. Either they come up, or price comes down.”
$BTC: Current state of price models:
1/$4,200: Realized price is the average of what the market paid for their coins. It should serve as resistance, since weak hands dump at break-even (see 2015).
$2,823: Delta price accelerates to new lows, forming a fishnet with NVT prices. pic.twitter.com/2vKG1Z5yz1
— David Puell (@kenoshaking) March 1, 2019
The market might not be giving off pretty strong signals regarding price at this point, but crypto community is bullish on Bitcoin price in the long term as revealed by a recent poll, the majority of the people are expecting the new Bitcoin peak to surpass the last $20,000 while 42 percent believe Bitcoin is going to hit $100,000.
The results are in! 42% of the 3,000 voters think BTC will reach into the $100,000 to Millions range, and 72% think BTC will surpass $20,000. Very nice. 😁 https://t.co/85JxiXcYj9
— MAGIC (@MagicPoopCannon) February 27, 2019