Bitcoin passed the $100,000 mark on Thursday, and reached a record-breaking high of $103,679 a couple hours before. Leading global banks and institution funds are paying attention to the top cryptocurrency. Standard Chartered has reacted in a positive way to Bitcoin reaching the $100,000 milestone. They cited the institutional funds as being the driving force behind the success.
Please Read This: Dogecoin Turns an Investment of $1,000 Into $1.8 Million
Standard Chartered says that the rise of Bitcoin above $100,000 was not due to retail investors. BTC ETF was launched in recent months and ignited the Bitcoin rally. According to the global investment bank, BTC will reach a turning point in 2024 thanks to trillion-dollar institution funds.
Please Read This: Litecoin Hits $130 After 3 Years: What Will LTC Be Worth in 4 Years?
Standard Chartered Says Institutional Investors Pushed Bitcoin to $100,000
Geoff Kendrick is the global head of digital assets research at Standard Chartered. He said ETF flows helped Bitcoin reach $100,000. Early this year the US Securities and Exchange Commission approved the Bitcoin Exchange Traded Fund (ETF). This led to institutional funds rushing to buy BTC.
Please Read This: ‘Buy Cronos Now’: Upside Target 31% For CRO Coin
“At the end of the day, it’s just a number. But the reality is we’ve been able to get to this level because the industry has become institutionalized this year particularly and that’s mostly the ETF inflows,” He told me Reuters. “Roughly 3% of the total supply of Bitcoins that will ever exist have been purchased in 2024 by institutional money.”
BlackRock Surpasses $50 Billion As BTC Crosses $100,000
BlackRock’s iShares Bitcoin Trust has reached $50 billion, just minutes after Bitcoin surpassed $100,000. Standard Chartered is also investing in Bitcoin, and other digital markets. The company recently made an investment in One Trading, a European platform for cryptocurrency trading.
Please Read This: Chainlink Doubles Investor’s Money: Should You Invest in LINK Now?
Standard Chartered believes that BTC will soar now that institutions are investing in Bitcoin. Analysts claim that BTC’s rise could be just the beginning, and the price may continue to soar. BTC investors who bought BTC during its lows have now made huge profits.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
