Bitcoin Increases Back to $50,000 Due to Increased Institutional Interest
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Bitcoin’s market value rose to $50,000 again, after an entire month.
It fell up to $40,596 on September 21st, and now its price is steadily increasing, as is the price of other smaller coins. The market is recovering, and CoinDesk shared that it was showing a 25% gain for Bitcoin. It seems like players across Bitcoin casinos are finally receiving some good news, after a month of anguish. And it looks like the value spiked after several institutional investors warmed to more supportive statements from regulators.
Bitcoin Goes Up Again
On institutional demand, Bitcoin’s price is up again. Thanks to the mounting institutional interest, after four weeks of a cool-down period, its value has again passed the $50k mark.
Institutional crypto services, financial institutions and banks, shared their plans on rising investor demand. The Bank of America published its research on cryptocurrencies and other digital assets, following the footsteps of other financial institutions that have shown interest in getting involved with the asset class. The US Bancrop, on the other hand, launched a crypto custody service for investment managers who have private funds in the Cayman Islands and the US.
According to the Head of Research at BEQUANT, Martha Reyes, banks are capitulating and for those who work in the crypto space, it was hard to ignore. Even the Bank of America called digital assets too large to ignore. As she pointed out, regulators are definitely not ignoring the spike of interest. And as institutional investors became more supportive, the market recorded a 25% gain for Bitcoin.
The Best Is Yet to Come
It looks like Bitcoin has had its historically best quarter. It is expected to increase further throughout Q4, and according to Kraken, there will be a median and average return of 58% and 119%, respectively. The Chief Investment Officer at Prevalle Global Capital, Teddy Vallee, said expectations are the momentum will continue throughout the quarter unless equity correction gets in the middle of it. With the interest shown by institutional investors, expectations are that Bitcoin could get up to $60k, if not by the end of the year, then sometime in 2022.
While things were uncertain in the past few months when Bitcoin’s value rose after El Salvador made it a legal tender, then fell during the bloody September after China shared plans on banning it and the US strengthened regulation, October is a new month and brings new opportunities for crypto enthusiasts.
What does this mean for Bitcoin casinos and players? Well, as Bitcoin’s price increases, chances are new sites are about to appear offering the asset as a payment method, and existing ones will probably add it on their payment options lists. Hence, players will get to explore a variety of new online casinos where they could transact instantly using the cryptocurrency. Bitcoin remains the most valuable digital asset, there’s no denial, with a current market cap of $939 billion, so it is definitely here to stay, especially in the online gambling industry.
