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10 August 2022
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Cryptocurrency Market Update: Bitcoin’s chances of hitting $10,000 slimming , Ethereum and Ripple ranging

  • Bitcoin faces stiff resistance at $9,900 and $10,000; casting doubt in the hope for recovery this week.
  • Fidelity Investments survey finds that interest in digital assets among institutional investors is growing.

For over five days now, Bitcoin has struggled to sustain gains towards $10,000. The push for recovery comes after BTC/USD plunged to $9,300 from highs above $10,400. Short term support formed at $9,600 is key to ongoing stability. However, attempts to clear the hurdle at $9,900 have failed twice this week. If Bitcoin price continues to trade under $10,000 a while longer, sellers are likely to gain confidence, eventually pulling Bitcoin back to $9,000 or even the support at $8,400.

Ethereum’s chances of hitting $250 again are getting slimmer and slimmer. The retreat from the intraday high at $244.88 found support at $242.34 (intraday low). Ether is trading at $242.64 at the time of writing. If another rejection is encountered at $245, there is a possibility where buyers will not hold above $240. In this case, investors should start accounting for $235 and $230 respectively.

The fourth-largest cryptocurrency Ripple, on the other hand, has been quite calm in the last few days. Bulls are holding strongly at $0.20 while upside movement is limited at $0.2050 and $0.21 in the near term. In the short term, consolidation above $0.20 is bound to continue but XRP is not out of danger as potential losses to $0.19 still linger.

A third of big institutions invest in Bitcoin – Fidelity

According to Fidelity Investments, large volume investors, commonly referred to as institutional investors are gradually shifting their attention to Bitcoin (BTC). The crypto investment firm says that approximately a third of large institutional investors currently own Bitcoin.

A survey conducted in the US and Europe involving 774 respondents, 36% of them said that they own either cryptoassets or derivatives. Particularly in the US, 27% of institutions confirmed that they own digital assets. The figure is up 5% from the previous 22% just a year ago. Europe has the highest percentage with 45% of the institutions owning cryptoassets. According to Tom Jessop, president of Fidelity Digital Assets:

These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investable asset class


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