The portfolio manager of American investment company Pantera Capital has stated “smart money” The price of bitcoin is on the rise.
Cosmo Jiang works as a portfolio manager for the company. said According to a CNBC Friday interview, the next price resistance could be $80,000. While a small dropback is possible, “smart money” Now, the flood of people was flooding in.
Bitcoin surged in value this week due to positive regulatory developments coming from the U.S., and the news that Treasury Department will at least double its bond-buyback volume.
“From everything we see, positioning is starting to reverse,” Jiang said.
“People are going from very much on the sidelines and even net short positioning to now realizing they want to be long, for what could be a very big technology.”
After a surge of more than 22 percent over the previous week, Bitcoin is now valued at $77,000. The largest cryptocurrency had risen to $79,319 on Friday.
Bitcoin has seen a rise in value this week, despite spending the majority of June and most of July under $65,000. This is due to news coming out of Washington.
Donald Trump held A meeting with cryptocurrency executives was held earlier this week.
For years, industry leaders have been calling for crypto legislation that will make clear what digital assets SEC and CFTC are responsible for monitoring. The proposed law will be voted on in September.
Bitcoin surged after Trump’s remarks. Bitcoin surged on the day of Trump’s comments. said Buybacks of long-dated debt would be at least twice as large.
The news triggered a rush in non-yielding assets, including gold and bitcoin.
Jiang added that a slew of positive fundamentals in the crypto space — including stablecoin adoption, prediction markets, perpetual futures, and “the crossover of AI” — would help push bitcoin’s price higher.
“It’s really hard not to be bullish,” “He said”
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Source: bitcoinmagazine.com
