Cryptocurrency Price Prediction: Here’s What’s Driving the Market in Q3 2022
It is important to remember that buying cryptocurrencies is risky and capital gains are not guaranteed.
After a terrible second quarter, major cryptocurrencies are on the rise. Bitcoin is up 35% and Ethereum is up 110% since mid-June. The current price rally is partly driven by institutional interest in cryptocurrencies.
We have seen several important developments in the past month, such as the fact that BlackRock has partnered with cryptocurrency exchange Coinbase to offer exposure to its institutional clients Bitcoin and other cryptocurrencies. Brevan Howard, a London-based hedge fund, has also raised over $1 billion for a new crypto fund.
BlockFi mentioned in a recent note that recent institutional moves could boost bitcoin.
With over $10 trillion in assets under management, BlackRock is the largest asset manager in the world. Its participation unequivocally demonstrates the strong institutional demand for cryptocurrencies.
Retail investors are still hesitant!
You are slowly but surely missing out on the late 2022 bull market!
Although the cryptocurrency market has strengthened over the past 45 days, retail activity is still lacking. Retail players still seem hesitant due to the fallout from the market crash that occurred in the first half of 2022.
Read also Is Google the world’s largest investor in blockchain companies?
Coinbase said in its Q2 earnings report last week that its retail customers are less engaged due to the current price increase.
However, the number of addresses Bitcoin holding less than one BTC has gone up. It shows that retail remains, but not on a scale that would give the entire industry a bigger boost according to Glassnode.
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